Havila Shipping reports quarterly profit

Offshore supply company Havila Shipping reported a profit before tax of NOK 4.0 million ($382,000) in the second quarter of 2024, compared to -NOK 5.4 million in the second quarter of 2023.

Deals concluded during the quarter include the agreement with Reach Subsea to extend the contract for the IMR vessel Havila Subsea. The existing contract was due to expire at the end of 2024, but the contract extension is for a fixed period of three years with two one-year options. The contract extension includes improved terms and conditions effective from June 1, 2024.

For the second quarter, freight revenue amounted to NOK 146.0 million (US$14 million), a decrease of NOK 49.1 million compared to the same period last year and an increase of NOK 29.3 million compared to the previous quarter.

Operating expenses for the second quarter were NOK 74.5 million ($7.1 million), a reduction compared to the second quarter of 2024 last year and the previous quarter of this year of NOK 33.0 million and NOK 6.7 million, respectively.

The Company achieved operating profit before depreciation of NOK 78.4 million ($7.5 million) in the second quarter of 2024, compared to NOK 98.4 million in the second quarter of 2023.

Fleet utilization was 97% in Q2 2024. As of June 30, the carrying value is NOK 1,186 million (USD 113.4 million).

The Company operates ten PSVs (four third-party owned and one 50% owned), three submersibles (one perpetually owned, one bareboat chartered) and one rescue and salvage vessel (bareboat chartered).

In August this year, Havila Shipping signed a contract with Peterson Den Helder for the PSV Havila Borg with a fixed term of two wells with an estimated duration of 200 days, with optional terms for eight wells with an estimated duration of 65 days each.