Havila Shipping Sells Its Ownership in Seven Havila to Subsea 7 (UK)

Havila Shipping ASA has entered into an agreement with Subsea 7, whereby Subsea 7 will acquire Havila Shipping’s 50% interest in the joint venture, Acergy Havila Limited.

The joint venture owns the Diving Support Vessel “Seven Havila” which was built in 2010 and delivered to the joint venture in February 2011, upon which it immediately commenced a bareboat charter with Subsea 7.

It is intended to complete the transaction during the 4th quarter 2012. The transaction will have a positive cash effect of approximately NOK 150 million for Havila Shipping ASA

The Seven Havila is one of the most advanced diving vessels in the world, featuring a 24-man twin bell saturation diving system rated to 400m and a heave compensated 250t crane.

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Press Release, December 10, 2012