Havila Shipping ASA – Fourth quarter/Preliminary accounts 2011

by Hans | January 27th, 2012

RESULT FOR 4th QUARTER 2011/PRELIMINARY ACCOUNTS 2011

Summary

– Havila Shipping ASA achieved a profit before tax of NOK -8.8m in Q42011, compared with NOK -105.2m in Q4 last year. Year to date, the profit before tax was NOK -91.1m, compared with NOK 13.0m at 31/12/2010.

– Total operating income was NOK 380.4m in the Q4 of 2011. Total operating income for corresponding period last year was NOK 255.0m. Year to date total operating income was NOK 1.372.3m included gain on sale of assets of NOK 54.0m compared with NOK 1.208.5m at 31/12/2010, whereof NOK 154.4m was gain on sale of vessel.

The group had 28 vessels in operation per 31/12/2011. Four of the vessels are operated by the 50% owned company in Singapore, Posh Havila Pte Ltd. It also includes the vessel Seven Havila which is owned by the 50% owned company Acergy Havila Limited where Subsea7 leases the vessel through a bareboat contract. Three vessels are still leased through a bareboat contract.

Balloons on a fleet loan of NOK 206m due in November 2012 and NOK 71m due in January 2013 are in Q4 extended to November 2014.  At the same time the borrowing was increased by NOK 150m used in connection with repayment of a NOK 183m bond loan.

 The spot market for offshore service vessels has in average been better during fourth quarter than the third quarter.

Of owned vessels, the group had two AHTS and three PSV vessels in the spot marked during most of the quarter. The utilisation was 92% in Q4, with average day rates in line with the average market rates.

Contact:
CEO Njål Sævik (+47) 909 35 722
CFO Arne Johan Dale (+47) 909 87 706

ENCLOSED THIRD QUARTER REPORT

4Q Report
4Q Presentation

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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