Havila Shipping ASA achieved a profit before tax of NOK 24.4 m in Q2 2014, compared with NOK 33.0 m in Q2 2013.
Total operating income and gains was NOK 402.3m in Q2 of 2014. Total operating income for corresponding period last year was NOK 367.2m.
The group had 27 vessels in operation per 30/06/2014. 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 has in the 2nd quarter to a higher extent than expected been negatively influenced by to many vessels based available. Most of the market players expected higher utilization in the North Sea Spot Market during second quarter than have been seen.
The group had a fleet utilization at 94 % in Q2, which is close to expected utilization with the existing contract coverage.
Result for 2nd quarter 2014
Total operating income and gains amounted to NOK 402.3m (NOK 367.2m).
Total operating expenses were NOK 202.7m (NOK 185.7m).
The operating profit before depreciation was NOK 134.6m (NOK 139.0m).
Depreciation was NOK 65.0m (NOK 42.4m).
Net financial items were NOK -113.2m (NOK -105.3m).
The profit before tax was NOK 24.4m (NOK 33.0m).
Result for 1st half of 2014
Total operating income and gains for amounted to NOK 780.8m (NOK 697.5m).
Total operating expenses for were NOK 397.5m (NOK 375.9m).
The operating profit before depreciation for was NOK 383.3m (NOK 321.6m).
Depreciation for was NOK 127.6m (NOK 93.6m).
Net financial items for were NOK -194.8m (NOK -213.8.5m).
The profit before tax for was NOK 66.3m (NOK 13.4m).

Balance and liquidity per 30/06/14
Based on the estimates of brokers dated 30/06/14, the fleet had a market value of NOK 8.140.3m at the end of June. This is equivalent to a value per share of NOK 89. The book value of the fleet is NOK 7.554.8m. Book equity per share is NOK 69.
Total current assets amounted to NOK 830.3m on 30/06/14, whereof bank deposits were NOK 347.2.m (of this NOK 5.1m restricted). On 30/06/13, total current assets amounted to NOK 741.8m, whereof bank deposits amounted to NOK 433.0m (of this NOK 5.1m restricted).
Net cash flow from operations 1st half of 2014 was NOK 69.7 m (NOK 85.7m). Cash flow from investing activities was NOK -169.2 m (NOK 19.8m). Payment of installments, loan drawn, and constitute a net change from financing activities of NOK 42.4 m (NOK -170.5 m).
Total interest-bearing debt per 30.06.14 is NOK 5.993.6m. This includes bond loans of NOK 1.850.3m, whereof NOK 700.3m is secured. Of interest-bearing debt, 13.2% 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 1 .103.5m, whereof approximate NOK 499.5 m is annual ordinary installments on loans.
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. The fleet comprises 14 platform Supply Vessel, 9 anchor Handling vessels, 3 subsea and 1 rescue & r
recovery vessel

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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