Havila Shipping - POSH Havila - Purchase agreement AHTS vessel

In 2006 Havila Shipping and PACC Offshore Service Holdings Pte Ltd.
in Singapore established the joint venture company POSH Havila Pte
Ltd.
POSH Havila has chartered 6 AHTS vessels, whereof 3 vessels from
Havila Shipping, which Havila Shipping has an option to purchase.
3 of 6 vessels have been in operation since June, July and September
respectively.  The 4th vessel is due to be delivered in November.
Vessel no 5 and 6 will be delivered and operated during the next 6
months.
The operations of POSH Havila Pte Ltd are included in the accounts of
Havila Shipping as an associated company.
PACC Offshore Service Holding Pte Ltd. has additional contracts for
construction of 2 AHTS 10000 BHP vessels which will be chartered into
POSH Havila Pte Ltd.
Havila Shipping has agreed to by one of these two vessels.  The
vessel will be delivered from a Malaysian Shipyard in Kina during
March 2009. The purchase price of the vessel is USD 22.2 million.
POSH Havila Pte Ltd will after this operate 8 vessels.

Contact:
CEO Njaal Sævik         +47 909 35 722 njaal@havila.no
CFO Arne Johan Dale +47 909 87 706 ajd@havila.no