Havila Shipping Repurchases Ownership Interests in Two AHTS Vessels

Havila Shipping has formally exercised its options to repurchase the ownership interests in the two AHTS vessels MV Havila Mars and MV Havila Mercury (the “AHTS”) from Havila Ariel AS, a wholly-owned subsidiary of Havila AS.

The consideration is payable in cash and is based on an option price based on an agreed value per AHTS of NOK 396,666,000, adjusted for early exercise of the option.Havila Shipping has said the transaction will be financed by a combination of equity and debt financing. The existing bank financing for the AHTS of NOK 518 million will be continued, and in addition, new 2(nd) priority mortgage of NOK 150 million. The remaining consideration will be paid from the equity from the NOK 200 million private placement announced on 11 December 2012.

Completion of the Transaction is expected to take place within 19 December 2012, and not later than 28 December 2012.

The AHTS’ are 18,400 BHP AHTS built in 2007. They have been working for Statoil ASA since delivery and are contracted until June and November 2013. The current lease rate under the bareboat contracts are NOK 148,856 per day per AHTS, which would increase to NOK 195,616 per day per vessel from January 2013 if the purchase options not were exercised. An average of three independent broker valuation for the two vessels is NOK 953 million (USD 169 million).

The repurchase of the AHTS is expected to improve the Company’s cash flow by NOK 42 million and profit by NOK 76 million for 2013 compared to existing step up in the lease rate.

Press Release, December 14, 2012

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