Havila Shipping ASA - Repurchase of a bond loan in Iceland

Today, Havila Shipping ASA has submitted a conditional offer to
repurchase the whole or part of a bond loan listed on Nasdaq OMX
Nordic Exchange Iceland under the name HAV 05 1 Iceland at par of
exchange (ISIN No: IS 0000011874). The bond loan is discussed in the
annual report 2008 for Havila Shipping ASA note number 20.

The bond loan was raised in Iceland in 2005 with maturity date in
2010. The risk against Icelandic krone and Icelandic consumer price
index were secured through a swap agreement with Glitnir banki hf.

The bank is now a moratorium and the swap agreement is most probably
not effective. That means Havila Shipping is exposed to both
Icelandic krone and Icelandic consumer price index. The offer to
repurchase the bond loan is done to reduce such risk.

To complete the repurchase of the bond loan, Havila Shipping has to
obtain purchase of sufficient volume of Icelandic krone to a
price acceptable to the company within 31 October 2009.

The offer to repurchase the bond loan is financed by raising a new
bond loan in Norway which is already reported fully subscribed.

The offer document is attached.

For further information, please contact

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