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    Havila Supply provides update on fleet

    News // November 22, 2002
    Havila Supply says it currently has at its disposal a fleet of 24 vessels and a newbuilding contract (RRV UT 527) with delivery due mid November 2003 (this vessel will go directly into a ten year charter with Norsk Hydro Produksjon AS, and after the fixed period the charterer has an option for three two year periods).

    The Havila Supply fleet consists of eight AHTS, seven PSVs, seven multipurpose vessels and two cable laying vessels.One of the anchor handling vessels, MV Havila Chieftain is hired in on a bareboat contract, with purchase option after 3, 5 and 8 years, first option 5th January 2003.

    Island Offshore II KS/AS which owns MV Havila Crown has ordered two anchor handlers of the UT 722 LX design at Langsten AS. Delivery of these vessels will be January and March 2003 respectively. The Havila Supply Group owns 24.5 per cent of this companyand has the management for the three vessels in Island Offshore II KS/AS.

    For the remainder of the year 2002 approximately 82 per cent of the fleet is engaged on term contracts, whilst the average contract coverage for year 2003 is approximately 65 per cent. The value of the company's contracts is more than NOK 1,450 million,which represents the highest contract coverage and contract value in the company's history.

    Havila says this reflects a strategy related to stabilising income and not being that dependent on the North Sea spot market.

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