Havila Shipping Reports Quarterly Profit

Offshore supply services company Havila Shipping has recorded a profit before tax of NOK 4.0 million ($382,000) in Q2 2024, compared with NOK -5.4 million in Q2 2023.

Deals made in the quarter include the agreement with Reach Subsea to extend the contract for the IMR vessel Havila Subsea. The existing contract was due to finish at the end of 2024, but the contract extension is for a firm period of three years, with two one-year options. The contract extension includes improved terms valid from June 1, 2024.

For Q2, freight revenues were NOK 146.0 million ($14 million), a decrease of NOK 49.1 million compared to the corresponding period last year and an increase of NOK 29.3 million compared to the previous quarter.

Operating expenses were NOK 74.5 million ($7.1 million) in the second quarter, a reduction compared to the Q2 2024 last year and the previous quarter this year of NOK 33.0 million and NOK 6.7 million respectively.

The company achieved an operating income before depreciation of NOK 78.4 million ($7.5 million) in Q2 2024, compared with NOK 98.4 million in Q2 2023.

Fleet utilization in Q2 2024 was 97%. As of June 30, its book value is NOK 1,186 million ($113.4 million).

The company operates 10 PSVs (four owned externally and one owned 50%), three subsea vessels (one owned eternally, one on bareboat charter) and one rescue and recovery vessel (on bareboat charter).

In August this year, Havila Shipping signed a contract with Peterson Den Helder for the PSV Havila Borg for a firm period of two wells estimated to 200 days, with optional periods for eight wells each estimated to 65 days.