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Havila Shipping books large deficit for Q2

Havila Shipping suffered a triple-digit million loss NOK in the second quarter, a period which also brought a reduced operating profit. The offshore carrier settled a new debt agreement earlier this year which also strengthened its equity.

Havila family buys stake in Norwegian offshore carrier

The Sævik family, known for Havila Shipping, has bought a stake in offshore carrier Volstad Maritime, based in Ålesund, Norway, report local media. "We wish to contribute to building a large and profitable subsea company," says Havila founder Per Sævik according to Sysla.

Havila Shipping sees weak market until 2019

The Norwegian offshore carrier saw its deficit grow and operating income dwindle in the first quarter of the year. Havila Shipping completed a large-scale restructuring earlier this year which is expected to give the carrier leeway in a weak market in 2017 and 2018.

Havila Shipping settles restructuring plan

Offshore carrier Havila Shipping was able to settle its announced restructuring plan in the nick of time, while the carrier has also published its annual report for 2016, showing an improved bottom line.

Havila Shipping bags three-year contract

Havila Shipping has entered a three-year contract with Reach Subsea. "We are pleased," says Havila CEO Njål Sævik. The carrier settled a rescue plan at the last minute last year.

Havila Shipping's bondholders approve rescue plan

Havila Shipping has secured approval from its bondholders for the large-scale rehabilitation plan which was initially rejected last week. The Norwegian offshore carrier thus looks set to survive the crisis. Article updated to reflect bondholders' decision.

Banks looking to declare Havila's debt defaulted

Havila Shipping's banks told the carrier on Thursday that they will declare the company's debt defaulted. Senior management at the Norwegian offshore carrier now has until Monday to get bondholders to accept the rescue plan which the same bondholders recently rejected.

Havila Shipping extends two contracts

Offshore carrier Havila Shipping has been granted extensions for two vessels just a few days after management announced that the carrier could go bankrupt if bondholders do not accept a proposed rescue plan.

Havila Shipping: Risk of bankruptcy

Norwegian offshore carrier Havila Shipping warns in a stock exchange notice that bankruptcy is the most likely consequence if the carrier's bondholders do not accept the rescue plan recently submitted by the carrier.

Havila Shipping presents huge restructuring deal

Norwegian offshore carrier Havila Shipping has secured a comprehensive restructuring plan with its bank connections and major shareholders including a large impairment of debt. Read the entire plan here.

Offshore carriers in deep dive on the stock exchange

Nine listed Norwegian offshore carriers currently represent a combined market value of USD 653 million, which is 76 percent less than in the summer of 2014, reports Norwegian media The low oil price has given the industry a thorough thrashing.

Havila CEO: Offshore owners must abandon ownership principles

Norwegian offshore supply carrier Havila has been working on a restructuring for months. Hopefully a deal will be reached within a few weeks, but the process is arduous. The industry and the families must let go of their principles about ownership, CEO Njål Sævik tells ShippingWatch.

DOF and Havila: This is why we will survive in a tough market

The two Norwegian offshore carriers DOF and Havila have taken serious blows during the downturn in the Norwegian offshore industry, and the hits continue. Their plan for survival is a three-pronged strategy in DOF's case, and for Havila it is a matter of serious cleanup.

Bankruptcy-threatened Havila loses Brazilian contract

Bankruptcy-threatened offshore carrier Havila left the second quarter 2016 with an operating result slashed in half and a combined deficit of USD 10 million. The company also lost a contract more than one year before it was scheduled to expire.

Hard-pressed Havila logs first quarter profit

Norwegian offshore carrier Havila delivered positive numbers on the bottom line in the first quarter with a profit of USD 3.6 million before tax. The carrier is undergoing restructuring and breached its loan terms back in March.

Havila loses another Petrobras contract

Brazil's oil company Petrobras has prematurely canceled a contract for a supply vessel from Havila Shipping. This is the second time this year that the Brazilian company cancels a contract with the struggling Norwegian carrier.

Havila reduces share capital by 96 percent

Havila performs an announced impairment of its shares, the carrier writes in a corporate statement. The net capital thus declines from more than USD 44.4 million down to USD 1.77 million.

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