Havila Shipping Sails Out of 2Q with NOK 158.2MM

Havila Shipping ASA achieved a result before tax of NOK 14 million in Q2 2008, compared with NOK 66.7 million in Q2 last year. Year to date the profit before tax are NOK 328.8 million, whereof NOK 311.8 million is profit from sale of assets, (NOK 94.4 million in the first half year of 2007 without profit from sale of assets).

  • Total income in the period ended at NOK 158.2 million, against NOK 139.8 million in Q2 2007. Year to date total income ended at NOK 611.2 million. In the first half year of 2007 total income was NOK 296.0 million.
  • In Q2, the company paid out NOK 63.8 million to its shareholders, corresponding to NOK 4 a share. Dividend of NOK 3.9 million related to own shares is recorded as equity.
  • The company had 12 vessels in operation per 30/06/2008. This includes Havila Mars and Havila Mercury that was sold and leased back in Q1.

As expected, the market for offshore service vessels was variable throughout the period. The company's platform supply vessels (PSVs) nonetheless achieved good contract rates and a high utilization ratio throughout the quarter. The company expects the high level of activity to continue in the period ahead. Demand for all types of vessel services is expected to remain high as a result of increased exploration and production activity in the oil and gas sector.

On July 2nd, the Board of Directors of Havila Shipping ASA decided to enter into a contract with Havyard Leirvik AS for building a large subsea construction vessel with new developed design, Havyard 860. The value of the contract will be approximately NOK 1.500 million including owner delivery of offshore cranes. Delivery is planned in spring 2011. The length of the vessel will be 160 meters, breath 28 meters with a cargo deck of 2.400 square meters. The vessel will have accommodation for 140 persons and will have moonpool, two offshore cranes and ROV-hangar.