Havila Shipping ASA Presentation 4th Quarter 2006 Preliminary results 2006 »news»results»company»fleet»market

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1 Havila Shipping ASA Presentation 4th Quarter 2006 Preliminary results 2006»news»results»company»fleet»market

2 Latest news 23/2-06: Purchase of parts in Havila Saturn Havila Shipping ASA has purchased a further 27,5 % part in KS Havila Saturn. After this the company s ownership will be 69,5%. KS Havila Saturn has under construction an AHTS vessel of Havyard 842 design which will be delivered from Havyard Leirvik during November 2007.

3 Events during 2006 Sale of 8 UK rescue recovery vessels and operations Enter into newbuilding- contracts of a value of NOK 2 bn Signed contracts against Statoil/Hydro with a value of NOK 740 mill Established a joint venture company together with PACC group in Singapore Entered into the Subsea market

4 > Results Best quarterly results ever! Spot marked in Q4 better than Q3! High spot- exposure through end of 2006 Gain from sale of vessels booked in 2006 cash effect in Q1/07 Purposed dividend NOK 3,50 per share NOK Q 2006 Income and profits EBITDA % % EBIT % % Pre tax result % %

5 NOK 1000 Q Q Freight income % % Profit by sale of vessel Other income Operating income % Crew Expenses Vessel Costs Other Operating Expenses Total operating expenses Operating profit before depr % % Depreciation Operating profit % % Associated companies Financial income Unrealised agio Financial expenses Other financial expenses Net financial items Profit before tax % % Taxes Profit / loss for the period

6 Segment reporting % 80 % 60 % AHTS PSV 40 % 20 % RRV 0 % Operating Income Operating Profit EBIT AHTS % PSV % RRV %

7 Quarterly development in NOK REVENUES OPEX Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

8 Brokers fleet valuation sorted by building year 1040 mill - 55 % 861 mill - 45%

9 Assets NOK 1000 ASSETS Vessels Contract newbuildings Buildings, office etc Total financial fixed assets FIXED ASSETS: Accounts receivables Other short-term receivables Market based shares Bank deposit CURRENT ASSETS: TOTAL ASSETS

10 Equity and liabilities EQUITY AND LIABILITIES Total equity Deferred tax Total long term debt Total current liabilities TOTAL EQUITY AND LIABILITIES

11 Cash Flow IFRS NOK 1000 Q Cash from operating activity Cash flow from investing activity Cash flow from financing activity Net change in cash Liquid assets - start period Liquid assets - end period

12 SHAREHOLDERS PER Company Shares HAVILA AS ,3 % NOR PARETO AKSJE NORGE ,7 % NOR VERDIPAPIRFOND ODIN NORDEN ,9 % NOR VERDIPAPIRFOND ODIN NORGE ,4 % NOR PARETO AKTIV ,0 % NOR PICTET & CIE BANQUIERS ,4 % CHE PACTUM AS ,8 % NOR SIS SEGAINTERSETTLE AG 5 PCT NOM ,7 % CHE DNB NOR SMB ,4 % NOR GRIFFIN UMBRELLA FUND PLC ,3 % NOR Largest shareholders: 78 % Other Shareholders 22 % Total 100 %

13 > Havila Shipping ASA A high qualified organisation which put focus on human resources and solid seamanship 9 vessels in operation New -building program of 11 vessels: -1 SubSea Construction -6 AHTS vessels -1 PSV vessel -3 AHTS vessels in China 225 seamen on 9 vessels. 15 employees at the office in Fosnavåg

14 Main customers Norsk Hydro (approx 25 % of fleet- capex end 2007) Statoil (approx 25 % of fleet- capex end 2007) Maersk Marathon TS Marine Other operators in the North Sea

15 QUALITY Health - Safety - Environment Havila Shipping ASA has a clear goal of improving its performance with regards to health, safety and environment both at sea and onshore. The company s goal is for its ships to fulfill or exceed our customer s expectations as to standards within health, safety and environment.

16 Company strategy To be a preferred partner within offshore services vessels Focus on safe operations Focus on human resources and development Focus on modern fleet To maintain a balanced mix between long contracts and spot marked Create values for shareholders

17 New company structure New-buildings: -07 Havila Mars AHTS -07 Havila Mercury AHTS -07 Havila Foresight PSV -07 KS Saturn 49 % -08 KS Neptune 15% -09 Havila AHTS -09 Havila AHTS Havila Shipping ASA 100% ownership Havila Shipping Pte Singapore Havila Offshore Havila SuBCon Havila Trencher AHTS vessels PACC Havila Pte -50% JV company -97 Havila Runde-RRV -03 Havila Troll- RRV -05 Havila Harmony (SubSea vessel) -08 Havila 858 TBN SubSea Construction -95 Havila Fame PSV -97 Havila Favour PSV -98 Havila Faith PSV -00 Havila Force AHTS -05 Havila Princess PSV -98 Havila Fortress PSV

18 1+1 SubSea Construction vessels Design Options Built VESSELS : 1.Havila Harmony MT 6010 Mars X 1 year Havila TBN Havyard 858 6/2008 Havila Harmony converted -Q1 2007

19 2 Multi-Field Rescue vessels VESSELS : Design Options Built 1. Havila Troll UT / X 2 year Havila Runde KK 7/ X 1 year 1997

20 5+1 Plattform Supply Vessels VESSELS : Design Options Built 1.Havila Favour - North Sea VS 483 SPOT Havila Faith - North Sea VS 483 Sept 2007 frontrunner Havila Princess - North Sea VS 473 Aug year Havila Fame - North Sea LMG SPOT Havila Fortress - North Sea VS 483 Jan x 1 year Havila Foresight North Sea MT 6010 July x 1 year 2007

21 Havila Foresight Norsk Hydro from sept Specifications: MT 6010 design Length/ Breadth : 93,60/19, m3 deck- area clean and comfort class ORO 2005 ABCS ASFA

22 1+9 Anchor Handling Supply Vessels VESSELS : Design Options Built 1.Havila Force VS 473 Frontrunner sept Havila Mars UT 786 April x1 year 4/ Havila Mercury UT 786 Aug x1 year 8/ Havila Saturn KS 50% Havyard / Havila Neptune KS 15% Havyard /2007 6,7,8 Havila TBN 50% JV Focal Marine- Kina 1-12/ Havila TBN 1 Havyard 845 4/ Havila TBN 2 Havyard 845 9/2009

23 2 x AHTS XXL Delivery April, September 2009 Specifications: Length/ Breadth: 92 m/ 22 m 275 tons Bollard Pull 500 t winch- tipple drum Hybrid propulsion system Low fuel consumption Low emissions Safe AHTS equipment Integrated ROV

24 4 AHTS XL newbuilds Havila Mars and Havila Mercury : Rolls Royce 786 CD design 210 ton bollard pull BHP safe anchore handling equipment Havila Neptun and Havila Saturn: KS shares; 70% and 15% Havyard 842 design 200 ton bollard pull BHP

25 > Market All-time high spot- market during 2006! Growth and optimism in rig and oil exploration will continue to trig activity for offshore service vessels in coming years Increasing demand for modern vessels with lager capacities and higher on environmental standards. Focus and access to Human capital will be success criteria in coming years Havila Shipping ASA has focus into Asia Pacific region The company is positioned and has capacity to take part in the development in the industry

26 FLOATING PRODUCTION UNITS PER TYPE Accumulated no. of FPU's Spar TLP Semi-Sub FPSO Year installed Source: Offshore Research

27 300 FLOATING PRODUCTION UNITS PER WATER DEPTH Accumulated no. of FPU's m m m m m 3-99 m Year installed Source: Offshore Research

28 World Wide state of the art AHTS fleet No. of vessels Built Type Total 10,000<AHTS<12,000 BHP ,000<AHTS<15,000 BHP ,000<AHTS<18,000 BHP AHTS>18,000 BHP Total AHTS Source: Offshore Research

29 World Wide state of the art PSV fleet No. of vessels Built Type Total 2,000<PSV<3,000 DWT ,000<PSV<4,000 DWT PSV>4,000 DWT Total PSV Source: Offshore Research

30 Maritime expertise Our region is one of the world fastest growing offshoreservice and know-how cluster in the world Local maritime design and technology is in world top class and a leader in development of the industry Approx. 90 offshore service vessels with a value of NOK mrd are operated from Fosnavåg Ship-owners in Fosnavåg has an order- book of approx. NOK 5 mrd against Norwegian yards Local seamen are high qualified with long experience

31 Conclusion Havila Shipping ASA has strengthened focus and activity into state of the art offshore vessels Havila Shipping ASA is financial positioned and has knowledge to take part in the development in the industry Planned activity in the offshore market, combined with expectation to still high oil prices, will keep up high activity through Focus and access of human capital will be success criteria in coming years But; limited access, and higher prices in advanced equipment.

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