Presentation 3rd Quarter 2009

This is Havila Shipping ASAHead-office in Fosnavåg, Norway. Building a team through our partner PACC Offshore in SingaporeA fleet of 25 vessels included a new-building program of 5 modern vessels within 2011 .

2 vessels owned by Havila Ariel 2 vessel owned by Havship DA (management)

375 offshore staff.25 onshoreStrong operating track record. A qualified organisation focusing on human resources and solid seamanship.

Segments Fleet- today New-buildsPSV 7 2AHTS 9 1SubSea 2 2Rescue vessels

2

Havila Phoenix operation in Mexico

Havila Phoenix operation in Mexico

Havila Shipping..

modernizing the fleet –

a preferred partner within offshore services vessels –

extending the international activity with focus on Pacific Ocean

maintaining a balanced mix between long contracts and spot market

focusing on safe operations

focusing on human resources

Havila Venus – outside the yard in Leirvik

Safety & Quality focused

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.

3RD QUARTER ACCOUNTSAcergy Havila – Sea launching at Cemre

Havila Venus

Highlights

3rd quarter 2009•Freight revenues NOK 210 mill•EBITDA NOK 105 mill•EPS 15,08•Weak spot marked most of the quarter•New 300 million bond loan 2009-2012 •Icelandic bond loan (2010) repurchased•POSH Virtue delivered on 6th July (on financial lease)

•92% fleet utilization (time charter fleet)

3rd quarter 2008•Freight revenues NOK 217 mill•EBITDA excl profit from assets NOK 102 mill•EPS 1,08•97% fleet utilization

Havila Phoenix in Mexico

Havila Troll in North Sea

Main figuresNOK mill Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008

Incomeand gains 216,0 249,6 212,2 294,4 216,8

EBITDA 104,9 49% 135,3 54% 111,4 53% 187,8 64% 114,4 53%

EBIT 70,4 33% 102,6 41% 83,3 39% 160,9 55 % 89,5 41%

Pre tax result 295,9 137% 114,1 46% 164,4 77% -86,3 -29 % 16,9 -8%

Comments:• Fleet utilization (time charter fleet)

•Q1: 93%•Q2: 95%•Q3: 92% •Favour 10 years class in Q1.

•Positive non realized value changes on FX •Q1: 101 million•Q2: 42 million•Q3: 243 million (129 realized in october)

•Interest rates drops – lowering interest expenses : 3 m NIBOR average

•2008: 6,23%•Q1: 3,45%•Q2: 2,45%•Q3: 1,89%

-50

100 150 200 250 300

Q3 09 Q2 09 Q1 09 Q4 08 Q3 08

216 250

212

294

217

105135

111

188

114

70103

83

161

90

INCOME EX PROFIT FROM ASSETS EBITDA EBIT

Fleet utilization

June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep

91 %

97 % 98

%

95 %

99 %

94 % 96

% 98 %

98 %

84 %

93 %

96 %

95 %

88 %

96 %

92 %

91 % 92

% 93 %

93 % 94

%

94 %

94 %

98 %

98 %

93 %

93 % 94

%

94 %

93 %

93 %

93 %

Month YTDVessels on time charterPOSH vessels on bareboat charter not included

Quarterly income94

140

154

137

141

158 21

7 294

212 24

6

211

147

310

-

50

100

150

200

250

300

350

400

450

500

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Freigth income Sale of assets

Vessels Newbuilds

2007Q1 9 11

Q2 10 12

Q3 Sale of Havila Force

9 13

Q4 10 12

2008Q1 Sale of Fame, Mars and Mercury

Leaseback Mars & Mercury

11 11

Q2 12 11

Q3 13 11

Q4 14 10

2009Q1 16 7

Q2 16 7

Q3 17 6Vessels on management not included

Quarterly operating expenses25

,3

32,7

30,3

33,9

35,0

41,4

48,7

41,7

47,4

55,9

53,4

11,4

10,4

12,3

13,9

12,7

17,0

17,6

24,1

16,0

22,7

20,1

23,2

27,1

27,4

27,4

26,8

27,1

27,4

6,7 5,

8

6,8 8,

0

7,1

10,1

8,7

13,5

10,6

8,6

10,1

-

20,0

40,0

60,0

80,0

100,0

120,0

140,0

Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

Crew Vessel Vessel hire Other

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

NOK mill

% of total expenses

Previous period corrections NOK 5 mill

Quarterly freight income and operating expenses

0

50

100

150

200

250

300

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

94

140 15

4

137

141 15

8

217

294

212

246

211

43 49 49 56

78

96 102

107

101 11

4

111

Freight income Operating expenses

Operating profit from segmentsExcluding gains from sale of vessels

42

58

12 16

33

99

5

20

37 45

11

11 17

33 36

22

13

40

20

12

25

13

45

-

20

40

60

80

100

120

PSV AHTS AHTS Asia RRV SubSea

Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

PSV40 %

AHTS34 %

RRV10 %

SubSea16 %

2008

PSV24 %

AHTS24 %Asia

15 %

RRV10 %

SubSea27 %

2009 YTD

Assets

3208 3 105  2 960 

2 355  2 152 

961892 

857 

924 759 

833

595 567 

1 061 

730 

0

1000

2000

3000

4000

5000

6000

3Q 09 2Q 09 1Q 09 4Q 09 3Q 08

Vessels New buildings Other Current

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

3Q 09 2Q 09 1Q 09 4Q 09 3Q 08

Equity and liability

16381 399  1 267  1 126  1 172 

2944

2 797 2 784 

2 803 2 302 

500

458 389  458 

203 

0

1000

2000

3000

4000

5000

6000

3Q 09 2Q 09 1Q 09 4Q 09 3Q 08Equity Long term debt Short term liability

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

100 %

3Q 09 2Q 09 1Q 09 4Q 09 3Q 08

Cash flow statement

NOK 1000 YTD 09 YTD 08

Cash from operating activity Kontantstrøm fra drift 133 526 4 784

Cash flow from investing activityKontantstrøm fra investeringer - 1 077 044 98 031

Cash flow from financing activity Kontanstrøm fra finansiering 654 954 - 111 110

Net change in cash Nettoendring i kontanter - 288 564 8 295

Liquid assets at start of period Likvider først i perioden 805 808 524 669

Liquid assets at end of period Likvider sist i perioden 517 244 516 374

Financial items

Forward rate contracts will have positive impact on EBITDA based on expected average exchange rates for actual currencies for the time of payment of sold amounts.

Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 YTD 09 YTD 08Interest income Renteinntekter 1 447 1 196 5 723 8 364 6 998 8 365 25 113Agio Agio 12 764 29 518 19 966 14 726 4 584 62 248 6 828Unrealised agio on loans Urealisert agio på lån 158 169 59 125 15 459 232 753Unrealised agio leasing obligation Urealisert agio leasing forpliktelse 10 453 3 580 3 482 17 515Change in value of derivatives Verdiendring derviater 76 054 -20 396 82 208 137 865Change in value of financial investments Verdiendring finansielle plasseringe 1 013 -6 869 17 696 11 840Other financial income Andre finansinntekter 1 460 4 069 169 5 530 1 445Financial income Finansinntekter 261 360 70 223 144 534 23 259 11 582 476 116 33 386Interest expenses Rentekostnader -14 847 -30 652 -35 990 -43 548 -42 669 -81 489 -115 289Disagio Disagio -16 450 -28 259 -9 061 -14 055 2 497 -53 770 -5 924Unrealised disagio on loans Urealisert disagio på lån -76 390 -18 468 -15 203Unrealised disagio leasing obligation Urealisert disagio leasing forpliktelse -47 812 -24 170Change in value of derivatives Verdiendring derivater -73 624 -21 602 -7 600Change in value of financial investment Verdiendring finansielle plasseringer -18 103 -16 824 -6 076 -18 103Other financial expenses Andre finanskostnader -9 499 -3 121 -3 065 -5 166 -344 -15 684 -2 654Financial expenses Finanskostnader -40 796 -62 032 -66 219 -277 419 -86 662 -169 046 -170 840Net financial items Netto finansposter 220 564 8 191 78 315 -254 160 -75 080 307 070 -137 454

Havila Venus - furnishing

Key figuresQ3 09 Q2 09 Q1 09 Q4 08 Q3 08 YTD 09 YTD 08

Number of shares (1000) Antall aksjer (1000) 15 960 15 960 15 960 15 960 15 960 15 960 15 960

Earnings per share Fortjeneste per aksje 15,08 5,14 9,24 -2,22 1,09 29,55 20,82

Book equity per share Bokførte egenkapital per aksje 103 88 79 71 73

Value adjusted equity per share Verdijustert egenkapital per aksj 157 140 159 141 134

EBITDA margin excl gains Driftsmargin eksklusiv gevinster 49 % 54 % 52 % 64 % 53 % 52 % 47 %

EBIT margin excl gains Drifsmargin etter avskrivning eks gev. 33 % 41 % 39 % 55 % 41 % 38 % 33 %

0

50

100

150

200

Booked equity per share Value adjusted equity per share

Q1 08Q2 08Q3 08Q4 08Q1 09Q2 09Q3 09

Interest bearing debt

NOK 1 000 Q3 09 Q2 09 Q1 09 Q4 08 Q3 08

Long term debt Langsiktig gjeld 2 733 340 2 615 804 2 560 210 2 459 890 2 114 097

Next years instalments Neste års avdrag 167 912 170 563 158 125 148 189 103 235Interest-bearing short time debt

Rentebærende kortsiktig gjeld 100 000 100 000 0 0 0

Total Total 3 001 252 2 886 367 2 718 335 2 608 079 2 217 332Interest-bearing financial fixed assets

Rentebærende finansielle anleggsmidler -8 020 -8 020 -8 020 -9 435 -12 264

Interest-bearing current assets

Rentebærende omløpsmidler -8 683 -7 670 -6 591 -17 380 -19 604

Bank Deposit Bankinnskudd -491 524 -278 836 -267 553 -698 244 -394 555

Net Net 2 493 025 2 591 841 2 436 171 1 883 020 1 790 909

Havila Venus – The bridge

Modern fleet

•Fleet values NOK 4.1 billion•Not including Mars and Mercury

•Market value reduction since 2008 •10,6%

•Booked values NOK 3.2 billion•Excess value on new-builds not included• Contract values on new-builds NOK 3,1 billion

Value adjusted fleet- age

11 %

12 %

77 %

age 1996- 2000 age 2001- 2007 age 2008- 2011

Financing new vessels

0102030405060708090

100

PSV Herøy Fanø AHTS Venus Jupiter POSH Virtue

SubSea Acergy Havyard 855

Eksportfinans % of contract value Bank Loan/Guarantee % of vessel costs

Upfront cash payment newbuilding contracts

0 % 20 % 40 % 60 % 80 % 100 %

Fanø

Herøy

Jupiter

Venus

Acergy

Havyard 855

20

92

20

20

20

20

-

8

-

-

5

-

% paid % unpaid

POSH Havila Pte Ltd, Singapore

Joint venture company established 200650/50 owned by

Pacc Offshore Services Holding Pte Ltdand Havila Shipping ASA through 100% owned company

Tree vessels owned4th vessel was delivered 6th July

On financial lease - buy option after six months

POSH Havila Pte LtdIn operation since July/August 2008

Hire in vessels on bareboat charter from ownersVessels to be on timecharter in Asian waters

Implemented in the accounts as Associated company

POSH vessel operations

Operating29th July 2008POSH VeritasPOSH Viking 8th October 2008POSH Vibrant13th December 2008POSH Voyager20th January 2009POSH Victory3rd April 2009POSH VenturePOSH Vantage6th July 2009POSH Virtue

8,000 BHP AHTS 100 tons BP DP

10,800 BHP AHTS 125 tons BPDP2

Contract status – POSH fleet .

AHTS (8000 BHP)

POSH Veritas

POSH Viking (H)

POSH Vibrant (H)

POSH Voyager

POSH Victory

POSH Virtue (H)

AHTS (10 000 BHP)

POSH Vantage

POSH Venture (H)

Contract Options

Veritas: Contract – 408 days firm

Viking: Contract - 12M + 1Y opt (declared)

Vibrant: Contract - 12M +6M+6M opt

Voyager: Contract 1Y + 1Y opt

Victory : Contract 4M + 30D opt

Virtue: Spot Different tenders

Vantage: Operating - Different tenders

Venture: Contract - 408 days firm

2009 2010 2011 2012

Fleet utilization Singapore

50 %

55 %

60 %

65 %

70 %

75 %

80 %

85 %

90 %

95 %

100 %Sept

Okt

Nov Des

Jan

Feb

Mars

April

Mai

Juni

Juli

Aug

Sept

10

0 %

10

0 %

84

%

82

%

86

% 87

%

77

%

80

%

87

%

10

0 %

93

%

99

%

10

0 %

89

%

92

%

90

%

88

%

86

%

87

%

83

%

82

% 83

%

87

% 88

% 90

% 91

%

Måned Akkumulert

New buildings SubSea

SubSea Diving vessel :•Havyard 858 DSV design•Length 120m•Breadth 23 m•250 tons offshore crane•Accommodation of 140•Clean design, •Ice class, •Catalyst

SubSea IMR:

•Havyard 855 design•Length/ Breadth: 95 m/ 20 m•150 tons offshore crane•Accommodation of 70•Clean design, •Catalyst

Acergy Havila Havila TBN

New buildings AHTS/ PSV

1 x AHTS Havila Jupiter

Havyard 845 designLength/ Breadth: 92 m/ 22 m275 tons Bollard Pull500 t winch- tipple drumHybrid propulsion systemSafe AHTS equipmentIntegrated ROVCatalyst

2 x PSV – Havila Herøy / Fanø

Havyard 832 CD designLength/ Breadth 80,4/17,60800 m3 deck- areaDP 2, clean and comfort class, catalyst

Contract status – existing fleet .AHTS

Havila Mars 2007

Havila Mercury 2007

Havila Saturn 85% 2008

Havila Neptune 2008

Havila Venus 2009

PSV

Havila Favour 1999

Havila Faith 1998

Havila Princess 2005

Havila Foretress 1996

Havila Foresight 2007

RRV

Havila Runde 2003

Havila Troll 1997

SubSea

Havila Harmony 2005

Havila Phoenix 2009

Contract Options

2009 2010 2011 2012 2013

Contract status – New buildings .

AHTS

Havila Jupiter 1Q10

PSV

Havila Herøy 4Q09

Havila Fanø 2Q10

SubSea

Acergy Havila 3Q10

Havila TBN (855) 1Q11

01.10

12.09

04.10

07.10

01.11

Delivery Contract Options

2010 2011 2012 2013

Contractual coverage

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

80 %

90 %

Oct Nov Dec 2009 2010 2011 2012 2013

COV EX OPT OPTIONS

Shareholders 30.09.2009 Number ofshares

In% Name

8 031 450 50,32 HAVILA AS NOR

1 062 000 6,65 DnBNOR MARKETS NOR

921 400 5,77 FOSEN ASA NOR

914 000 5,73 PARETO AKSJE NORGE NOR

608 300 3,81 VERDIPAPIRFOND ODIN OFFSHORE NOR

492 800 3,09 PARETO AKTIV NOR

366 300 2,30 VERDIPAPIRFOND ODIN NORGE NOR

301 700 1,89 TORGHATTEN ASA NOR

203 800 1,28 KS ARTUS NOR

203 200 1,27 SKAGEN VEKST NOR

189 600 1,19 SG NANTES/NEWEDGE GR C/O SVENSKA HANDELSB FRA

174 800 1,10 BAKKELY INVEST A/S NOR

155 000 1,00 HAVILA SHIPPING ASA NOR

110 000 0,69 WILHELMSEN LINES SHIPOWNING AS NOR

86 600 0,54 HAVSULEN AS NOR

85 499 0,54 DNB NOR SMB VPF NOR

83 450 0,52 PACIFIC CARRIERS LTD SGP

83 450 0,52 CARVALLO INTERNATION SGP

79 100 0,50 PARETO VERDI NOR

73 000 0,46 SIS SEGAINTERSETTLE CHE

14.225.449 89,14

• Weak spot market during third quarter • Both for PSV and AHTS

• Fourth quarter has started weak and expected to be weak and also fluctuating because of weather

• Few large new buildings AHTS expected to be delivered in near future.

• Cancellation of new vessel orders will reduce over-supply risk.

• Focus on specialized built inspection- maintenance and repair (IMR) vessels.

• Crew situation in Norway easier than expected before

Market comments

Vessels in spot market Q4 09

AHTS• Havila Saturn• Havila Venus from end October

PSV• Havila Faith • Havila Favour

Summary

• Havila Shipping is focused on modern high-end vessels

• Financing available at acceptable margins• Havila Venus and Havila Jupiter financed earlier• Herøy and Fanø signed with commercial banks –approved from GIEK in August• New 300 mill bond loan 2009-2012• ISK interest rate risk and Icelandic CPI risk eliminated by repurchasing of bond loan

•Interest rate level reduces the interest expenses

•Still demand market for high-end vessels

•Financial items will fluctuate in the future because of forward FX contracts against USD, EUR and GBP

www.havila.no

Contact: CEO NJÅL SÆVIK (+47) 909 35 722 njaal@havila.noCFO ARNE JOHAN DALE (+47) 909 87 706 ajd@havila.no

Financial calendar 2010•28.01.10 Preliminary result for 2009/4th Quarter

P & L ACCOUNTBALANCE SHEET

P & L account Q3 2009

NOK 1000 Q3 09 Q3 08 YTD 2009 YTD 2008Freight income Fraktinntekter 210 556 216 781 669 055 516 048 Profit by sale of assets Gevinst ved salg av aktiva 311 813 Other income Andre inntekter 5 434 8 777 156 Total income and profit Totale inntekter 215 990 216 781 677 832 828 017 Crew expenses Mannskapskostnader -53 447 -48 664 -156 786 -125 063 Vessel expenses Fartøykostnader -20 137 -17 635 -58 845 -47 345 Hire expenses Leiekostnader -27 390 -27 390 -81 291 -77 703 Other operating expenses Andre driftskostnader -10 140 -8 669 -29 328 -25 749 Total operating expenses Totale driftskostnader -111 114 -102 358 -326 250 -275 860 Profit before depreciation Driftsresultat før avskrivning 104 876 114 423 351 582 552 157 Depreciation Avskrivninger -34 439 -24 897 -95 204 -71 480 Operating profit Driftsresultat 70 437 89 526 256 378 480 677 Financial income Finansinntekter 261 360 11 582 476 116 33 386 Financial expenses Finanskostnader -40 796 -86 662 -169 046 -170 840 Net financial items Netto finansposter 220 564 -75 080 307 070 -137 454 Joint venture companies Felleskontrollert virksomhet 4 895 2 416 11 023 2 416 Profit before tax Resultat før skatt 295 896 16 862 574 471 345 639 Tax Skatt -55 607 4 979 -102 469 -7 514 Profit after tax Resultat etter skatt 240 289 21 841 472 002 338 125 Other income and expenses Andre inntekter og kostnaderConversion difference foreign exchange Omregningsdifferanser valuta -1 891 92 -3 140 -120 Total profit for the period Totalresultat for perioden 238 398 21 933 468 862 338 005 Total profit for the period distributed by Periodens totalresultat fordelt påMinority interests Minoritetsinteresser -456 4 541 414 5 897 Majority interest Majoritetsinteresse 238 854 17 392 468 448 332 108 Total Sum 238 398 21 933 468 862 338 005

Balance sheet - assets

Assets Eiendeler Q3 09 Q2 09 Q1 09 Q4 08 Q3 08Fixed assets AnleggsmidlerVessels Fartøy 3 208 046      3 105 309 2 960 114 2 354 743 2 152 040Buildings, office equipment etc Bygninger, kontorutstyr mv 9 199             9 688 9 239 7 947 7 968Contract new buildings Nybyggingskontrakter 961 089         891 526 857 381 923 571 758 680Fixed assets Varige driftsmidler 4 178 334 4 006 523 3 826 734 3 286 261 2 918 688Financial fixed assets Finansielle eiendelerInvestments in joint venture compa Investering  i felleskontrollert virkso 20 168           16 922 14 428 12 118 4 160Derivatives Derivater 34 418           19 968 16 133 11 029 8 332Other long‐term receivables Andre langsiktige fordringer 16 760           15 943 15 290 16 230 15 888Total financial fixed assets Totale finansielle eiendeler 71 346 52 833 45 851 39 378 28 380Total fixed assets Totale anleggsmidler 4 249 680 4 059 356 3 872 585 3 325 638 2 947 068Current assets OmløpsmidlerTrade receivables Kundefordringer 209 413 228 711 186 361 205 194 165 694Other short‐term receivables Andre kortsiktige fordringer 60 182 42 986 53 935 34 783 47 881Derivatives Derivater 45 806 19 710 27 913 15 033Market based securities Markedsbaserte verdipapirer 25 720 24 707 31 576 107 565 121 819Bank deposit Bankinnskudd 491 524 278 836 267 553 698 243 394 555Total current assets Sum omløpsmidler 832 645 594 950 567 338 1 060 817 729 949Total assets Sum eiendeler 5 082 325 4 654 306 4 439 923 4 386 455 3 677 017

Balance sheet - equity and liabilities

Ecuity and liabilities Egenkapital og gjeld Q3 09 Q2 09 Q1 09 Q4 08 Q3 08Equity EgenkapitalShare capital Aksjekapital 199 500 199 500 199 500 199 500 199 500Share premium fund Overkursfond 40 975 40 975 40 975 40 975 40 975Other equity Annen egenkapital 1 380 999 1 142 220 1 010 146 862 656 906 740Minority  interest Minoritets egenkapital 16 327 16 783 15 892 22 663 25 057Total equity Sum egenkapital 1 637 801 1 399 478 1 266 513 1 125 794 1 172 272Long  term debt Langsiktig  gjeldDebt to  financial institutions Gjeld til banker 2 112 204 2 165 804 2 110 210 2 009 890 1 664 097Bond loan Obligasjonslån 621 136 450 000 450 000 450 000 450 000Derivatives Derivater 8 610 39 619 33 185 78 717 6 631Deferred tax Utsatt skatt 99 481 93 758 82 657 81 515 101 807Other long  term debt Annen langsiktig  gjeld 103 061 48 088 108 236 183 029 79 073

Total long term debt Sum langsiktig gjeld 2 944 492 2 797 269 2 784 288 2 803 151 2 301 608Current liabilities Kortsiktig  gjeldTrade creditors Leverandørgjeld 49 254 50 929 96 022 128 590 22 489Tax payable Betalbar skatt 532 554 14 208 5 849 14 730Derivatives Derivater 9 384 13 883 4 288 22 981 3 713Other short‐term debt Annen kortsiktig  gjeld 440 862 392 193 274 604 300 090 162 205Total current liabilities Sum kortsiktig gjeld 500 032 457 559 389 122 457 510 203 137Total equity and liabilities Sum egenkapital og gjeld 5 082 325 4 654 306 4 439 923 4 386 455 3 677 017