RESULTS FOR 4RD QUARTER 2008 Summary * The progress in financing of new vessels is good, and the Board of Directors expect to conclude financing of the rest of new buildings shortly. * Havila Shipping ASA achieved a result before tax of NOK -86.3m in Q4 2008, compared with NOK 27.9m in Q4 last year. Profit before tax for 2008 are NOK 259.4m, whereof NOK 311.8m is profit from sale of assets, (NOK 340.3m for 2007 whereof NOK 146.8m is profit from sale of assets). * Financial expenses includes unrealized disagio on currency positions and forward rate contracts of NOK 197.8m for 4th quarter and NOK 237.2m for 2008. * Total income in the period ended at NOK 294.4m, against NOK 137.7m in Q4 2007. Total income for 2008 ended at NOK 1,122.5m. Per 31/12/2007 total income was NOK 675.3m. * The Group had 14 vessels in operation per 31/12/2008. This includes Havila Mars and Havila Mercury that was sold and leased back in Q1 and two vessels that are operated by the joint venture company Posh Havila Pte Ltd in Singapore. The spot market for offshore service vessels was in part very tight during fourth quarter, with high day rates especially in November. The company's platform supply vessels (PSV) obtained high day rates and utilisation through the period. The two anchor handling and tug supply vessels (AHTS) in the spot market obtained lower utilization, but substantial higher day rates during the quarter, compared to last quarter. The company's financial figures and comparative figures are prepared in accordance with IFRS regulations.
- 4th quarter accounts/Preliminary accounts 2008
| Source: Havila Shipping ASA