Norway: Havila Shipping ASA Announces Second Quarter Results

Havila Shipping ASA achieved a result before tax of NOK 123.2m (USD $20 Million)  in Q2 2010, compared with NOK 114.2m (USD $18.5 Million) in Q2 last year. Year to date, the profit before tax was NOK 108.4m. In the first half year of 2009 profit before tax was NOK 278.6m.

· Total income in Q2 2010 ended at NOK 433.2m whereof NOK 154.4m is gain on sale of Havila Troll, compared with NOK 251.4m in Q2 2009. Year to date total income ended at NOK 655.5m. In the first half year of 2009, total income was NOK 466.9m.

· Net financial items include unrealised disagio on currency positions and forward rate contracts of NOK 82.2m and NOK 91.7m for 2nd quarter and year to date, respectively.

· The group had 23 vessels in operation per 30/06/2010. This includes a management agreement for three vessels that are owned by companies outside the group. Four of the vessels are operated by the joint venture company in Singapore, Posh Havila Pte Ltd.

The spot market for offshore service vessels has strengthening during second quarter. Day rates have in average been acceptable through second quarter with high utilisation specially for PSV vessels but partly also for AHTS vessels.

Of owned vessels, the group had three AHTS vessel in the spot marked during the quarter. The utilisation has been acceptable. The group achieved during the quarter a four year contract with Petrobras for Havila Favour and a two year contract and one year option with TSMarine for Havila Phoenix. It is an objective to achieve longer contract also for AHTS vessels that now operate in the spot market.

The company’s financial figures and comparative figures are prepared in accordance with IFRS regulations.

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Source: Havila,July 23, 2010