Havila Shipping ASA - Repurchasing of bond loan in Iceland

Reference is made to the press releases regarding
* conditional offer to repurchase a bond loan in Iceland,
* 100 % acceptance from the bond owners and
* that the conditions for completion of the offer have been met.

Havila Shipping ASA has repurchased the bonds that will be used to
redeem the bond loan in Iceland. The next step is to delist the bond
loan from the Icelandic stock exchange.

The reason for repurchasing the bonds is the fact that the company is
facing a risk against Icelandic krona and the Icelandic consumer
price index, after the foreign exchange and interest rate swap
agreement with a bank in Iceland  is considered valueless.

The Icelandic bank has since the autumn 2008 not fulfilled their
obligations under the swap agreement.  Based on a legal opinion, the
company considers the value of the contractual obligations under the
swap agreement to be zero.

Based on fixed rate on purchase of Icelandic krona, the Icelandic
bond loan will be booked at NOK 121.1 mill at the end of 3rd quarter
which will give an accounting profit of NOK 128.9 mill.

For further information, please contact:
CEO Njål Sævik, phone (+47) 909 35 702
CFO Arne Johan Dale, phone (+47) 909 87 706