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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.

With a severely reduced operating result and a deficit of USD 10 million, struggling Norwegian offshore carrier Havila left the second quarter this year much weaker than was the case in the same period last year, as evident from th carrier's interim report.

Revenue dropped from about USD 50 million in the second quarter 2015 to USD 31.6 million in the same period this year, while the operating result was virtually cut in half from USD 24.7 million down to USD 13.5 million in the same period 2016. Expenses did not follow the same trend exactly, and the deficit for this year's second quarter thus stands in contrast to the profit of USD 6.6 million in the same quarter last year.

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