Havila Holding News

Norwegian offshore vessel owner Havila Shipping has struck a debt restructuring deal with lenders, conditional upon approval from formal bodies. At January 1, 2020, Havila's outstanding debt was NOK 4,222 million (around $410 million), which for each vessel will now be split into an interest-bearing tranche and a non-interest-bearing tranche. The sizing of the interest-bearing tranche is based on the expected debt service capacity of each vessel during the restructuring periodDebt higher than the expected interest-bearing tranche will be non-interest-bearing.

Havila Shipping has made a stock exchange announcement about expected debt conversion to shares according to subscription rights issued as a part of the restructuring of the company. The Norway-based offshore company announced about sale of vessels. The vessels were delivered to new owner on 9th and 10th November. The company received on 13 November 2017 exercise notices for 60,909,975 subscription rights related to remaining debt after sale of MV “Posh Vibrant” and MV “Posh Virtue”. At the same time the company received exercise notice from Havila Holding AS for subscription of 63,296,375 shares by conversion of part of convertible loan (Anti Dilution Protection Loan).

Norway-based Havila Shipping ASA has entered into agreements for sale of the AHTS vessels Posh Vibrant and Posh Virtue. The vessels are expected delivered to new owner during first part of November. Following the sale it is expected that the lenders and Havila Holding AS will exercise warrants through debt conversions into new shares corresponding to agreements decided by the General Meeting on 4th January 2017. It is expected that number of shares will increase by approximately 124,200,000 up to approximately 1,891,000,000 shares following the sale. The sale will have low impact on result and liquidity. The equity effect of the planned debt conversion was booked in the groups account through the restructuring on the 28th February 2017 and the sale will cause minor equity adjustments.

Norwegian shipbuilders, service providers & designers Havyard Group ASA inform that its listed stock has been traded on the Oslo Børs as President & CEO Geir Johan Bakke rang the ceremonial bell. Per Sævik, CEO of the family company Havila Holding said in connection with the planning of the IPO: “Our family has broad interests in the offshore supply industry. In light of this, and because we see that we need to optimise the conditions for continued growth for Havyard Group, both on technology and ship equipment, we choose to reduce our ownership. Havyard has a significant potential for growth, but the further development of the company requires more than we as a family company have the possibility to contribute”.

Havyard Group ASA submitted an updated application for listing of its shares on Oslo Børs, alternatively Oslo Axess, on 6 June 2014. It is expected that the stock exchange will consider the application in a meeting of its board of directors on 18 June 2014. Subject to approval of the application and compliance with the listing criteria, the first day of trading is expected to be 26 June 2014. Havyard Group has gone through a significant growth and has established itself as one of the key providers of maritime technologies, with focus on advanced vessels and associated technologies for the oil service, fishing and aquaculture businesses. A listing of the Company’s shares will strengthen the opportunities for further growth and development.