Norway: Havila Shipping Announces 1Q 2011 Results

Havila Shipping ASA achieved a result before tax of NOK -25,5m in Q1 2011, compared with NOK -14,8m in Q1 last year.

Total revenue amounted to NOK 309.6 million in the 1st quarter of 2011 of which NOK 51.4 is profit from sale of Havila Saturn. Total revenues for corresponding period last year were NOK 222.3 million.

The group had 27 vessels in operation per 31/03/2011. 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. Havila Clipper was delivered in January and Havila Seven in February. Seven Havila were directly sold to joint venture company Acergy Havila Limited who rent the vessel on bareboat contract.

The market for offshore service vessels is nearly on the same level in the first quarter as in the fourth quarter of 2010. Day rates have been fluctuating low, but increasing at the end of the quarter. The spot market has been better for PSV vessels than for AHTS vessels.

Of owned vessels, the group had three AHTS vessel in the spot marked during the quarter until February when Havila Saturn was sold. The utilisation has been acceptable, with average day rates in line with the average market rates.

309.6 million Norwegian kroner = 59.0017104 million U.S. dollars

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Source:Havila Shipping, April 29,2011;