Havila Shipping ASA: Sale of none core vessels

Havila Shipping ASA has entered into agreements for sale of the PSV vessels Havila Faith and Havila Favour. The vessels are expected to be delivered to new owner within short time.

Following the sale it is expected that the lenders and Havila Holding AS will exercise warrants through debt conversions into new shares corresponding to agreements decided by the General Meeting on 4(th) January 2017. It is expected that number of shares will increase by approximately 3,190,000 up to approximately 22,098,000 shares following the sale.

The sale will have low impact on result and liquidity. The equity effect of the planned debt conversion was booked in the group accounts through the restructuring on the 28(th) February 2017 and the sale will cause minor equity adjustments.

Detailed message will be sent as soon as the sale processes are finalized and warrant exercise notices have been received.

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 of the Norwegian Securities Trading Act.

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Source: Havila Shipping ASA via GlobeNewswire
HUG#2174170