- 4th quarter accounts/Preliminary accounts 2008

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.