Havila Shipping Sign New Agreements

offshore vessels operator Havila Shipping ASA said on Tuesday (28 October) that
POSH Havila Pte ltd, its Singapore-based joint venture with PACC Offshore
Service Holdings Pte Ltd, has entered in to charter agreements for six anchor
handling tug supply (AHTS) vessels.

    The first
three of the vessels are already in operation, while the fourth will be
delivered in November and the remaining two within the next six months.

    Three of
the vessels are chartered from Havila Shipping.

    In addition
PACC Offshore Service has contracts for construction of two vessels, which will
also be chartered by POSH Havila. Havila Shipping has further agreed to
purchase one of the vessels in a USD22.2m deal.

Shipping, headquartered in Fosnavaag in Norway, provides maritime support
functions for the offshore oil and gas industry. The company operates 12 ships
and has a newbuilding programme of 10 vessels and reported revenue of NOK 675.26m
in 2007

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