Summary
The sharp fall in oil prices and the outbreak of the Covid-19 virus in the first quarter have reduced activity in the market in where the vessel operates.
Reduced demand for vessels has a negative effect on the company and a reassessment of the market outlook has resulted in a write-down of the value of most vessels.
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.

Result for 2 quarter 2020

Result for 1st half of 2020

Balance and liquidity per 30/06/20
Total current assets amounted to NOK 473.7 million on 30/06/20, whereof bank deposits were 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). On 30/06/19, total current assets amounted to NOK 345.2 million, whereof bank deposits amounted to NOK 100.4 million (of this NOK 3.2 million restricted).
Net cash flow from operations was year to date NOK 61.5 million (NOK 47.3 million). Cash flow from investing activities was NOK -13.5 million (NOK -19.0 million). Payment of loan instalments and lease liabilities, and raising a convertible shareholder loan constitute a net change from financing activities of NOK 85.5 million (NOK -12.9 million).

The book value of the fleet is NOK 2,291 million after impairment charge of NOK 521 million in the 2nd quarter. Total long-term debt recognized in the balance sheet was per 30/06/20 NOK 2,188.9 million, of which interest-bearing debt amounts to NOK 2,017.2 million and non interest-bearing debt NOK 171.7 million.
As of 30/06/20, nominal value of interest-bearing debt was NOK 3,034.9 million, and nominal value of non interest-bearing debt was NOK 1,187.7 million. Of nominal interest-bearing debt 21.9 % 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)

Employees
Havila Shipping ASA had per 30/06/20 440 employees on the company’s vessels and 34 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