Solid 1st quarter for Havila Shipping ASA:
Expecting further growth
Oslo/Fosnavåg 08.05.2012:
Havila Shipping ASA achieved an EBITDA of NOK 140 million, compared to NOK 90 million in 1st quarter 2011. The shipping company is listed on the Oslo Stock Exchange [ticker: HAVI] and based in Fosnavåg. The operating margin was 33 per cent, compared to 18 per cent in the same period last year. Profit before tax has improved considerably, from minus NOK 25 million in 2011 to minus NOK 3.5 million in 2012.
Njål Sævik, CEO of Havila Shipping, is ready to reap the benefits following a few years of heavy investments, which has seen Havila Shipping build up the most modern fleet among the larger Norwegian offshore companies:
”Our results are continuously improving. There is a noticeable increase from one month to the next in the demand for our new and modern ships,” he says.
The average age of Havila Shipping’s North Sea fleet is less than 3 years. For some of the vessel classes, the results are worth a second look:
- Havila Shipping’s new fleet of large subsea vessels had an operating margin of 62 %
- The 13-strong fleet of PSVs had an operating margin of 34 %
Njål Sævik has with Havila Shipping ASA built up a fleet of large, newly built anchor handlers (AHTS). For the moment being, this is not the most profitable part of the fleet, but this is expected to change soon.
The company has 3 of these vessels strategically placed in the North Sea spot market, a market which the analytics all agree with continue to increase over the coming months and years.
”We believe that our strategy of keeping these vessels in the spot market will prove to be a right move, going forward. I notice that the market analysts seem to share my opinion on this,” says Sævik.
Havila Shipping ASA has been one of the big winners when it comes to new, lucrative contract in 2012. Combined, the shipping company has entered contracts worth NOK 1 billion. All of the company’s PSVs are on contracts for the duration of 2012.
Despite the recent hike in the Havila Shipping share price, independent analytics judge the Havila Shipping share to be under-priced and that one can expect today’s share price of around NOK 50 to double. The underlying values justify a share price of NOK 120.
”We expect 2012 to be a good year for Havila Shipping ASA. My objective is to get the company back into a position where our shareholders will receive dividends,” CEO Njål Sævik confirms, already looking forward to the next presentation of the quarterly accounts.
For further information:
CEO Njål Sævik, e-mail: mobile: (+47) 909 35722
About Havila Shipping ASA
Havila Shipping ASA is a leading supplier of quality assured supply services to international offshore companies. The company’s fleet is the newest of the larger offshore companies in Norway. The company operates 29 offshore service vessels in anchor handling, subsea operations, platform supply and multi-field rescue services. Havila Shipping ASA is listed on Oslo Stock Exhange [ticker: HAVI] since 2005. The main shareholder, Havila AS, has for more than 30 years been at the centre of the development of the maritime sector in Norway and internationally. The company is based in the “offshore capital” Fosnavåg in Sunnmøre.