Havila Shipping - 3rd quarter accounts


A presentation will be held at Hotel Continental Wednesday 29th
October at 09:00

Summary
*             Havila Shipping ASA achieved a result before tax of NOK
  16.9m in Q3 2008, compared with NOK 217.9m in Q3 last year when
  profit from sale of Havila Force was included. Year to date the
  profit before tax are NOK 345.6m, whereof NOK 311.8m is profit from
  sale of assets, (NOK 312.4m year to date 2007 whereof NOK 146.8m is
  profit from sale of assets).
*             Total income in the period ended at NOK 216.8m, against
  NOK 303.1m in Q3 2007. Year to date total income ended at NOK
  828m.  Per 30/09/2007 total income was NOK 537.6m.
*             The Group had 13 vessels in operation per 30/09/2008.
  This includes Havila Mars and Havila Mercury that was sold and
  leased back in Q1 and one vessel that is operated by the joint
  venture company Posh Havila Pte Ltd in Singapore.

The spot market  for offshore service  vessels improved during  third
quarter and was  far better  than third quarter  2007. 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 also  obtained high day rates during  third
quarter, one inside and one outside the North Sea area.

In 2006,  Havila  Shipping and  PACC  Offshore Service  in  Singapore
established the joint venture company POSH Havila Pte Ltd.
POSH Havila is now operating 2 AHTS vessels.  Within the end of first
half year  of 2009  the joint  venture company  will operate  8  AHTS
vessels whereof 6 8000 BHP vessels and 2 10.000 BHP vessels.   Havila
Shipping has a purchase option at  a fixed price of USD 18,5  million
for 3 of the vessels 6 months after delivery for each of the vessels,
and a purchase  agreement at  USD 22 million  for one  of the  larger
vessels.

The company's financial figures and comparative figures are  prepared
in accordance with IFRS regulations.

Contact:
CEO Njål Sævik,      +47 909 35 722  njaal@havila.no
CFO Arne Johan Dale +47 909 87 706 ajd@havila.no
Havila Shipping - 3rd quarter accounts

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