Summary
Havila Shipping ASA achieved a profit before tax of NOK -119.2 m in Q4 2014, compared with NOK 4.3 m in Q4 2013.
Total operating income and gains was NOK 390.4m in Q4 of 2014. Total operating income for corresponding period last year was NOK 360.2m. The group had 27 vessels in operation per 31/12/2014. Four of the vessels are operated by the 50 % owned company in Singapore, Posh Havila Pte Ltd. One vessel is leased through a bareboat contract.

The spot market for offshore service vessels was better than expected during October, especially for AHTS, some weaker for PSV. From November the market weakened following several vessels entering back to the North Sea from operations among other places in Russia.

The group had a fleet utilization at 94 % in Q4.

Result for 4th quarter 2014
· Total operating income and gains amounted to NOK 390.4 (NOK 360.2m).
· Total operating expenses were NOK- 224.3m (NOK -194.1m).
· The operating profit before depreciation was NOK 166,1m (NOK 166.2m).
· Depreciation was NOK- 71.5m (NOK- 50.3m).
· Net financial items were NOK -216.3m (NOK -106.1m). Unrealised agio losses was NOK -119.7m. (NOK -28.6m)
· The profit before tax was NOK -119.2m (NOK 4.3m).

Result 2014
· Total operating income and gains amounted to NOK 1 690.8m (NOK 1 459.2m).
· Total operating expenses were NOK- 836.3m (NOK- 760.1m).
· The operating profit before depreciation was NOK 854.5m (NOK 699.1m).
· Depreciation was NOK -268.7m (NOK 187.7m).
· Net financial items were NOK -549.5m (NOK -411.3m). Unrealised agio losses was NOK -165.1m. (NOK - 28.7m).
· The profit before tax was NOK 39.6m (NOK 93.4m).

Balance and liquidity per 31/12/14
Based on the estimates of brokers dated 31/12/14, the fleet had a market value of NOK 8.270.2m at the end of December. This is equivalent to a value per share of NOK 97. The book value of the fleet is NOK 7.467.1m. Book equity per share is NOK 67. Total current assets amounted to NOK 821.3 on 31/12/14, whereof bank deposits were NOK 350.8.m (of this NOK 22.8m restricted). On 31/12/13, total current assets amounted to NOK 741.8m, whereof bank deposits amounted to NOK 402.7m (of this NOK 15.6m restricted).

Net cash flow from operations per 31.12.14 was NOK 371.2 m (NOK 309.4m). Cash flow from investing activities was NOK -219.0 m (NOK -40,1m). Payment of installments, repayment of loans, and loan drawn, constitute a net change from financing activities of NOK - 214.3 m (NOK -364.4 m). Total interest-bearing debt per 31.12.14 is NOK 5.910.4m. This includes bond loans of NOK 1.828.3m, whereof NOK 678.3m is secured. Of interestbearing debt, 15.4% is loan in USD, while the remainder is nominated in NOK. Next year's repayment of debt is classified as current liability in conformity with IFRS, and amounts to NOK 898.8m, whereof NOK 498.1 m
is annual ordinary installments on loans.

Fleet
Per today, Havila Shipping ASA operates 27 vessels. Four of the vessels are operated by the joint-venture company in Singapore, Posh Havila Pte Ltd. One vessel is hired in on a bareboat contract.

Contacts:
CEO Njål Sævik (+47) 909 35 722
CFO Arne Johan Dale (+47) 909 87 706

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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