Havila Shipping ASA - Fyrirtækjafréttir

- Sale and leasback of vessels

Havila Shipping ASA has today, through its subsidiary Havila Ships AS, entered
into an agreement with Havila Ariel ASA of a sale and leaseback of the AHTS
vessels Havila Mars and Mercury. Price per vessel is NOK 476 mill and is based
on valuation from three independent shipbrokers. The lease- agreement has a
length of eight years, with a purchase option after the 5th and the 8th year.
Agreed bareboat hire is approx. NOK 150.000 per day for each of the vessels
during the first five years. 
 
Profit from the sales will be approx NOK 250 mill, and will be booked in the
4th quarter accounts. A free cash of NOK 400 mill will be released through this
transaction. 
 
The Board of Havila Shipping ASA has decided to hold an extraordinary general
meeting as a result of this. They will recommend an extraordinary dividend of
NOK 200 mill. 
 
Through this transaction Havila Shipping ASA makes added values visible for its
shareholders. The strong cash position gives opportunity to further development
of advanced offshoreservice- vessels 
 
For more informastion:
Njål Sævik mobil: +4790935722
Nils Peter Skeide mobil: +4791530965