Havila Sells Eight Recovery Vessels

Thursday, October 19, 2006
Havila Shipping ASA has signed a Heads of Agreement with Ocean Mainport Ltd group regarding sale of the UK based rescue recovery operations (RRV). Eight vessels are included in the transaction which will be completed by selling 100% of the shares in Havila Rescue UK Ltd and expected to be closed before yearend. The total transaction value is estimated to be approximately NOK 348 mill, and gives Havila Shipping ASA a total booked profit before tax of approx. NOK 65 mill. The cash effect will be approx. NOK 95 mill. Havila Shipping ASA will grant a secured seller credit of NOK 15 mill. The vessels included in the sale; Havila Sky, Havila Tern, Havila Searcher, Havila Sea, Havila Clever, Havila Sun, Havila Star and Havila Tigris. Handover will take place ultimo November. Through this transaction Havila Shipping ASA is out of the RRV market on UK sector. Further, this deal is a part of the company strategy to put more focus into the areas of AHTS, PSV- and Sub Sea Construction.
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