Havila Kystruten AS: License from the Central Bank of Ireland in place

·2-min read

Reference is made to previous stock exchange releases regarding the delivery of the company's two coastal route ships, Havila Polaris and Havila Pollux. It has been a long and complicated process where the company has worked with various jurisdictions to establish a legal solution to pay off debts and release security linked to the vessels from a sanctioned lender.

The company has now received the necessary license from the Central Bank of Ireland. This, along with previously received licenses from the Norwegian Ministry of Foreign Affairs, satisfies the requirements for Havila Kystruten to pay off the debts in accordance with the sanction regulations.

The company has also applied for licenses in the United Kingdom and the United States, to able both British and American lenders and investors to participate in the upcoming refinancing, in addition to investors in Scandinavia and EU countries.

The processes the company is involved in are more time-consuming than anticipated. As a result, the settlement deadlines in court judgments from the court in London have to be extended. The company has requested an extension and expects it to be granted during the coming week.

The company has engaged Arctic Securities AS and Fearnley Securities AS as arrangers for the financing, and they will work to find investors for the financing of the company's coastal fleet.

Due to the time-consuming processes, the start-up in route for Havila Polaris and Havila Pollux will be further delayed. The start-up date is set for 12th of June Havila Polaris and 18th of June for Havila Pollux. The company apologizes for the delays to all affected parties.

Havila Kystruten is experiencing great interest for the newest addition to the historic coastal route Bergen - Kirkenes - Bergen, and can report good sales figures. There is a high volume of traffic both to the company’s customer center and website, and the company had almost 70% occupancy in the first quarter. Around 50% of the capacity for all four ships is already sold out for 2023. This is  better than expected, and the company looks forward to delivering in accordance with the agreement with Norwegian authorities.

CEO Bent Martini: +47 905 99 650
CFO Arne Johan Dale: +47 909 87 706