Norway: Havila Shipping Successfully Completes USD 106 Million Bond Issue

Havila Shipping ASA has successfully completed the issuance of a new NOK 600 million secured bond. Final maturity date is in March 2017. The bond will be sought listed on the Oslo Stock Exchange.

The net proceeds from the bond issue will be directed towards long term financing of the vessel Havila Subsea.

DnBNOR Markets and Pareto Securities acted as joint managers of the bond issue.

Charter contract with Subsea 7

Havila Shipping ASA has recently entered into a Charter contract with Subsea 7 for the vessel Havila Subsea for a fixed period starting in May 2011 ending 1st January 2013, with further options.

Havila Shipping ASA was established on 31 July 2003 and operates today 27 vessels; platform supply vessels, anchor handling tug supply vessels, rescue- and recovery vessels. The company has a newbuilding program of 2 vessels.

The Company’s business consept is to provide maritime support functions for international offshore oil and gas production, to own and run the assets regarded as necessary or desirable for this, and to provide associated services.

The Company’s goal is to be the leading provider of quality-assured supply services to offshore companies, both national and international. The Company aims to safeguard its long-term perspective through a balanced chartering strategy that ensures a basic cash flow combined with an assessed exposure to the spot market.

The main market for the Company’s ships is the North Sea and Asia Pacific region. 3 vessels are working in Brasil on long term contracts with Petrobras.

The Company has its head office in Fosnavåg, where it has 30 employees.

600 million Norwegian kroner = 106.1418 million U.S. dollars

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Source: Havila Shipping , March 16,, 2011;