Havila Shipping CEO: Firms Must Fix Own Issues before Discussing M&A

Chief Executive Officer Njaal Saevik in offshore service vessel owner Havila Shipping told Reuters in a telephone interview:

From Havila's point of view "it may be reasonable to consolidate (the industry) but we believe each company needs to have its own solutions in place before going into such discussions."

"We're familiar with the thinking of other industry players," he said.

Saevik said Havila's restructuring talks are still ongoing and declined to comment on remaining issues in restructuring process.

On Tuesday, two of Havila's competitors, DOF and Solstad Offshore announced restructuring plans to prepare themselves for more market headwinds and for potential consolidation.

Shares in Havila are down 77.5 percent over the past year, against a drop of 4.7 percent for the Oslo benchmark index.


(Reporting by Henrik Stolen, editing by Terje Solsvik)