HAVI disclosures

Summary

Freight revenues were NOK 148.0 million in Q4 2024, at the same level as the corresponding period last year and an increase of NOK 7.1 million compared to the previous quarter.

The average rate is higher this quarter than the previous quarter, and utilization is on same level as the previous quarter. Operating expenses were NOK 87.7 million in Q4 2024, a decrease compared to Q4 2023 of NOK 1.6 million and an increase compared to the previous quarter of NOK 6.5 million.

The company achieved an operating income before depreciation of NOK 68.2 million in Q4 2024, compared with NOK 72.9 million in Q4 2023.

No impairment charges or reversals of previous impairment charges were made in the fourth quarter. In the fourth quarter last year, previous impairment charges were reversed by NOK 400.0 million.

Value adjustment of the company’s debt amounted to NOK - 19.5 million in the fourth quarter compared to NOK - 478.7 million in the corresponding period last year.

Profit before tax was NOK 2.6 million in Q4 2024, compared with NOK 28.7 million in Q4 2023.

Three banks and the owners of two bond loans chose settlement as per the restructuring agreement as of 31/12/24. Interest-bearing debt of NOK 500 million was settled through refinancing.

At the same time, non-interest-bearing debt of NOK 522 million was converted into 123,281,190 shares in the company.

Havila Holding simultaneously converted NOK 46 million of the liquidity loan into 128,111,385 shares in the company to maintain its ownership interest of 50.96% of the shares.

The fair value of converted debt to equity amounted to NOK 299 million.

The group had as of 31/12/24 14 vessels operated from Fosnavåg, six for external owners.

The fleet utilization in Q4 2024 was 92 %.

Result for 4 quarter 2024

Total operating income amounted to NOK 155.9 million (NOK 162.2 million).
Total operating expenses were NOK 87.7 million (NOK 89.3 million).
Operating profit before depreciation was NOK 68.2 million (NOK 72.9 million).
Depreciation was NOK 39.0 million (NOK 24.2 million).
Net financial items were NOK - 23.4 million (NOK - 478.8 million) whereof value adjustment of debt was NOK - 19.5 million (NOK - 478.7 million).
The profit before tax was NOK 2.6 million (NOK - 28.7 million).

Result 2024

Total operating income amounted to NOK 585.1 million (NOK 912.2 million whereof NOK 215.0 million was gain on sale of fixed assets).
Total operating expenses were NOK 324.8 million (NOK 431.2 million).
The operating profit before depreciation was NOK 260.3 million (NOK 488.1 million).
Depreciation was NOK 146.3 million (NOK 131.6 million).
Reversal of impairment charge of fixed assets was NOK 154.0 million (NOK 865.0 million).
Net financial items were NOK - 255.7 million (NOK - 1,105.3 million), whereof value adjustment of debt NOK - 249.5 million (NOK - 1,080.8 million).
The profit before tax was NOK 10.4 million (NOK 113.1 million).

Balance and liquidity per 31/12/24

Total current assets amounted to NOK 278.8 million on 31/12/24, whereof bank deposits were NOK 147.6 million (whereof NOK 9.8 million restricted cash related to withholding tax). On 31/12/23,

total current assets amounted to NOK 280.4 million, whereof bank deposits amounted to NOK 97.7 million (of this NOK 10.4 million restricted cash related to withholding tax).

Net cash flow from operations was per 31/12/24 NOK 229.6 million (NOK 95.8 million). Cash flow from investing activities was NOK - 32.8 million NOK - 22.3 million).

Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 150.6 million (NOK - 127.6 million). As of 31/12/24, the book value of the fleet is NOK 1,173.6 million.

As of 31/12/24, total long-term debt in the balance sheet amounted to NOK 499.6 million. This consist of loans provided by the sister company Havila Finans AS.

All debt to credit institutions is recognized as short-term debt in the balance sheet per 31/12/24. Total fair value of this debt amounts to NOK 326.7 million and consist of interest-bearing debt

of NOK 143.6 million and non-interest-bearing debt NOK 183.1 million. In addition, the fair market value of the convertible liquidity loan is NOK 176.1 million. Accrued interests amounts to NOK 2.0 million.

As of 31/12/24, nominal value of interest-bearing debt was NOK 151.5 million, and nominal value of non-interest-bearing debt was NOK 616.3 million. All nominal interest-bearing debt is in NOK.

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)

Man-years

Havila Shipping ASA employed in 2024 402 seamen on the company’s vessels and vessels on management, in addition to 14 man-years 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 Q424

Reference is made to the stock exchange announcement 1 October 2024, informing that three bank lenders, and the bondholders in two bond loans had decided to have their debt settled at the end of 2024 in accordance with the terms of the restructuring agreement.
It was also reported that three banks chose to extend the restructuring agreement by one year related to two vessels in operation and four sold vessels.

Reference is also made to the stock exchange announcement of 30 December 2024, where settlement of the debt related to Havila Borg, Havila Clipper, Havila Fanø and Havila Subsea was announced.
Cash settlement of NOK 499.6 million was refinanced by a bond issue and non-interest-bearing debt of NOK 522.3 million was converted into shares.

Three banks that extended the restructuring agreement are financing the PSV vessel Havila Foresight and the subsea vessel Havila Harmony.
Total interest-bearing debt related to these vessels amounts to NOK 151.5 million and non-interest-bearing debt related to these vessels, as well as four sold vessels, amounts to NOK 616.3 million.

According to the restructuring agreement, the vessels in question will service this debt through 2025 and the remaining interest-bearing debt will be refinanced and settled in cash at the end of 2025 and the remaining non-interest-bearing debt will be converted into shares.

The company has received a letter on behalf of the three banks that extended the restructuring agreement,
claiming that the refinancing and issue of bond loan, which was used to redeem the debt of lenders who chose settlement at the end of 2024 in accordance with the agreement, is in breach of the restructuring agreement.

It is also alleged that certain other circumstances constitute a breach of the restructuring agreement.
The remaining lenders claim that they will be entitled to declare default on the outstanding debt, both interest bearing and non-interest bearing as set out above, as well as to claim default interest and to enforce security.

The company disputes in full the lenders' understanding of the restructuring agreement.
The company will, if necessary, have the matter resolved legally.

There is no cross-collateral or cross-default to the NOK 525 million bond loan issued in December 2024.

Contacts:
Chief Executive Officer Njål Sævik, +47 909 35 722
Chief Financial Officer Arne Johan Dale, +47 909 87 706

This information is considered to be inside information pursuant to the EU Market Abuse Regulation, and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This Announcement was published by Arne Johan Dale, CFO of Havila Shipping ASA, on 21 January 2025 at 18:00

Summary

Freight revenues were NOK 140.8 million in the Q3 2024, a decrease of NOK 28.9 million compared to the corresponding period last year and a decrease of NOK 5.1 million compared to the previous quarter. The average rate is higher this quarter than the previous quarter, but utilisation is lower as a result of preparations for new contracts for two vessels. Operating expenses were NOK 81.2 million in Q3, a reduction compared to Q3 last year of NOK 37.8 million and an increase compared to the previous quarter of NOK 6.7 million.

The company achieved an operating income before depreciation of NOK 69.0 million in Q3 2024, compared with NOK 57.0 million in Q3 2023.

No impairment charges or reversals of previous impairment charges were made in the third quarter. In the third quarter of last year, previous impairment charges were reversed by NOK 465.0 million. Value adjustment of the company’s debt amounted to NOK - 30.5 million in the third quarter compared to NOK - 454.4 million in the corresponding period last year.

Profit before tax was NOK 3.7 million in Q3 2024, compared with NOK 28.9 million in Q3 2023.

The group had as of 30/09/24 14 vessels operated from Fosnavåg, six for external owners.

The fleet utilization in Q3 2024 was 90 %.

Result for 3 quarter 2024

Total operating income amounted to NOK 150.2 million (NOK 176.0 million).
Total operating expenses were NOK 81.2 million (NOK 119.0 million).
Operating profit before depreciation was NOK 69.0 million (NOK 57.0 million).
Depreciation was NOK 36.9 million (NOK 34.1 million).
Net financial items were NOK - 30.2 million (NOK - 456.2 million) whereof value adjustment of debt was NOK - 30.5 million (NOK - 454.4 million).
The profit before tax was NOK 3.7 million (NOK 28.9 million).

Result year to date 2024

Total operating income amounted to NOK 429.2 million (NOK 757.0 million whereof NOK 209.2 million was gain on sale of fixed assets).
Total operating expenses were NOK 237.1 million (NOK 341.8 million).
The operating profit before depreciation was NOK 192.1 million (NOK 415.2 million).
Depreciation was NOK 107.3 million (NOK 107.5 million).
Reversal of impairment charge of fixed assets was NOK 154.0 million (NOK 465.0 million).
Net financial items were NOK - 232.3 million (NOK - 626.5 million), whereof value adjustment of debt NOK - 230.0 million (NOK - 602.1 million).
The profit before tax was NOK 7.8 million (NOK 141.9 million).

Balance and liquidity per 30/09/24

Total current assets amounted to NOK 292.7 million on 30/09/24, whereof bank deposits were NOK 164.1 million (whereof NOK 0.5 million restricted cash related to withholding tax). On 30/09/23, total current assets amounted to NOK 1,172.1 million, whereof bank deposits amounted to NOK 103.0 million (of this NOK 11.1 million restricted cash related to withholding tax, interest and instalment payments).

Net cash flow from operations was per 30/09/24 NOK 190.0 million (NOK - 17.0 million). Cash flow from investing activities was NOK - 16.2 million NOK 5.4 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 110.8 million (NOK - 71.8 million).

As of 30/09/24, the book value of the fleet is NOK 1,162.9 million.

All loan debt is recognized as short-term debt in the balance sheet per 30/09/24. Total loan debt amounts to NOK 1,329.8 million and consist of interest-bearing debt of NOK 493.5 million and non-interest-bearing debt NOK 504.3 million, as well as convertible liquidity loan of NOK 332.0 million and accrued interests of NOK 0.1 million. As of 30/09/24, nominal value of interest-bearing debt was NOK 508.8 million, and nominal value of non-interest-bearing debt was NOK 1,310.8 million. All nominal interest-bearing debt is in NOK.

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 30/09/24 252 employees on the company’s vessels and 14 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 Q324

Reference is made to information related to the company’s debt most recently in a stock exchange announcement on 01.08.24 and the 2024 Second Quarter report.

The company's lenders had a deadline of 30.09.24 to choose between

Settlement as of 31.12.24
Extension of the agreement by one year until 31.12.25

The final figures for how much debt that shall be settled or converted into shares will not be clarified until the accounts for the third quarter are available.

Based on preliminary estimates, interest-bearing debt as of 31.12.24 will amount to NOK 651 million following upwards adjustments.

Of these, lenders representing MNOK 500 of the amount have announced that they want settlement as of 31.12.24. This debt is linked to the vessels

Havila Fanø
Havila Clipper
Havila Borg
Havila Subsea

Non-interest-bearing debt related to the lenders who want the debt converted into shares is preliminary estimated at NOK 522 million as of 31.12.24, corresponding to approximately 21.5% of the company's shares after full conversion.

The preliminary estimates indicate that bondholders in Havi04 (Havila Clipper) will be allocated approximately 0.8% of the company's shares and bondholders in Havi07 (Havila Subsea) approximately 7.9% of the possible shares in the company.

The others of these lenders will be allotted approximately 12.8% of the possibles shares in the company after full debt conversion.

Lenders representing MNOK 151 of interest-bearing debt as of 31.12.24 have extended the restructuring agreement by one year. The lenders have also extended the agreement for vessels sold earlier. The interest-bearing debt is linked to the vessels

Havila Foresight
Havila Harmony

Non-interest-bearing debt related to the lenders in these vessels and previously sold vessels is preliminary estimated at MNOK 617 as of 31.12.24.

The relevant lenders will be allocated shares corresponding to approximately 25.5% of the company if the shares were issued as of 31.12.24.

Since the agreement has been extended, conversion will only take place at the end of the extended period which runs until 31.12.25.

The shares will then be allotted, but the number of shares issued will be reduced in line with the relative downward adjustment of non-interest-bearing debt through 2025.

Havila Holding AS will, at the same time as other share issues, convert part of the liquidity loan to the company into shares to maintain its ownership stake of 50.96%.

The postponement of parts of the conversion to shares that the extension of the agreement period entails, will result in that the lenders converting debt as of 31.12.24 will,

based on the preliminary estimates, own approximately 44.8% of the company's shares until the last conversion at the end of 2025.

The current shareholders, excluding Havila Holding, will own approximately 4.2% of the shares during this period.

The extension of the agreement means that the subsequent repair issue is postponed until 2026.

It should be noted that the ownership percentages above are based on preliminary estimates.

The company has signed a term sheet for the refinancing of the fleet.

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

Havila Shipping ASA: Notice of Ordinary General Meeting 15.05.25

Havila Shipping ASA: Annual Report 2024

Havila Shipping ASA:Allegation from lenders of default of the restructuring agreement

Havila Shipping ASA: Contract extension for Havila Harmony with OceanPact

Havila Shipping ASA: Contract with Peterson Den Helder BV for PSV Havila Borg

Havila Shipping ASA: Fourth quarter 2024 accounts / Preliminary 2024 accounts

Havila Shipping ASA: Allegation from certain banks of default of the restructuring agreement – disputed by the company.

Havila Shipping ASA: Disclosure of large shareholding

Havila Shipping ASA: Mandatory notification of trade

Havila Shipping ASA: Debt conversion into shares and registration of new share capital

Havila Shipping ASA: The Financial Supervisory Authority of Norway (Finanstilsynet) has approved prospectus for listing of new shares

Havila Shipping ASA: Information to bondholders in HAVI04 and HAVI07

Havila Shipping ASA: Successful placement of NOK 525 million senior secured bond

Havila Shipping ASA: Financing update and invitation to fixed income investor meetings

Havila Shipping ASA: Contract extensions with Equinor Energy AS

Havila Shipping ASA: Information to bondholders in HAVI04 and HAVI07

Havila Shipping ASA: Extraordinary General Meeting held

Havila Shipping ASA: Third quarter 2024 accounts

Havila Shipping ASA: Notice of Extraordinary General Meeting

Havila Shipping ASA: Information about lenders feedback regarding settlement of the company’s debt