Based on the successful private placement of new shares and the financing agreements done, Havila Shipping has decided to exercise the purchase options for the AHTS vessels Havila Mars and Havila Mercury.
Based on a renegotiated agreement the vessels will be purchased with effect from 1stOctober 2012 and the ownership will be consolidated into the group accounts with full effect from the fourth quarter 2012. The purchase values will reflect the fact that the hire of the vessels will cease on this date. From 1st of October 2012 Havila Shipping will bear the financing costs for the vessels. The refinancing of the vessels will take place as soon as practically possible.
The repurchase of the AHTS is expected to improve the Groups EBITDA with effect from fourth quarter 2012 by NOK 26.8 million per quarter. Financing costs are expected to be approximately NOK 9 mill per quarter but decreasing.
”The transactions we have completed these past few days, with the sale of 50 per cent of “Seven Havila” and the private placement and purchase of the AHTS vessels “Havila Mars” and “Havila Mercury”, are each and in total positive moves for the future, ” says Njål Sævik, CEO of Havila Shipping ASA .
On Monday, the company sold ”Seven Havila” to Subsea 7. The transaction gave a positive cash effect of NOK 150 million for the company. On the following day, a private placement of NOK 200 million at a subscription price of NOK 24 per share was announced.
The net proceeds raised in the private placement were used to finance the buyback option for the two anchor handling vessels at a price of NOK 793 million as well as for general corporate purposes.
The vessels are 18,400 BHP AHTS’ built in 2007. They have been working for Statoil ASA since delivery and are contracted until June and November 2013.
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Havila Shipping , December 12, 2012