Havila Shipping ASA: Repair issue fully subscribed

Reference is made to previous releases regarding the repair issue where the subscription period ended 20.03.17 at 16:30 hours. In total 611 shareholders holding subscription rights subscribed for 243,289,852 shares corresponding to 101 per cent of the 240,000,000 shares available. The Board of Directors has allocated the shares and notice of allocation will be sent on 22.03.17. The new shares shall be paid on Friday 24.03.17 and will be debited the bank account given at the subscription document.

The company has received Exercise Notice from Havila Holding AS where 249,402,809 subscription rights are exercised to maintain the ownership of 50.96 per cent of the shares after the repair issue. The subscriptions price is equal to the one in the repair issue at NOK 0.125 per share.

Following the repair issue and exercise of the convertible share holder loan the share capital of the company will be increased by NOK 4,894,028.09 from NOK 12,771,530.41 to NOK 17,665,558.50 by issuance of 489,402,809 shares each at par value of NOK 0.01 The new shares will rank equal with existing shares from being registered and issued. The capital increase and related changes to the articles of association will be registered with the Register of Business Enterprises as soon as possible after receipt of payment for the new shares and conversion of the convertible shareholder loan.

It is expected to happen within Monday 03.04.17.

Contacts: CEO Njål Sævik, +47 909 35 722 CFO Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.