Havila narrows loss amid financial restructuring plans

Norwegian offshore vessel operator Havila Shipping, currently in talks with its creditors about a financial restructuring plan, posted a smaller loss for the third quarter of 2016, compared to the prior year quarter, while the revenue decreased.

On Monday, Havila escaped bankruptcy after its bondholders supported the proposed restructuring plan meant to help the company endure the severe market downturn and provide it with a financial runway until November 2020.

On Wednesday, November 30 Havila reported a decrease in total operating income amounting to NOK 253.4 million in 3Q 2016, compared to NOK 377.7 million in the prior year quarter.

The company’s net loss amounted to NOK 65.3 million, compared to NOK 72.3 million in the corresponding period on 2015.

The group had 28 vessels in operation as of September 30, 2016. Six vessels are in layup, of this three PSVs, two AHTSs, and one subsea vessel. One vessel is sold in November. The fleet utilization during the quarter was 68 percent.

Earlier this month, the shipping company revealed its decision to lay up two PSVs, one anchor handler and, as a consequence, lay off around 70 employees.

Offshore Energy Today Staff