Havila Kystruten AS

Successful Completion of Private Placement

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Reference is made to the stock exchange announcement dated 19 June 2023 regarding Havila Kystruten AS' ("Havila Kystruten" or the "Company" and, together with its subsidiaries, the "Group") revised refinancing plan, contemplated private placement of new shares (the "Private Placement") and index increase under its Government contract.

Following close of the bookbuilding period for the Private Placement, the Company is pleased to announce that the Private Placement has been successfully completed and that its Board of Directors (the "Board") has allocated a total of 688,900,543 shares (the "New Shares") at a subscription price per share of NOK 1.10 (the "Offer Price"), raising NOK757,8 million (EUR 65 million) in gross proceeds. The placement was oversubscribed by existing shareholders and new investors.

The proceeds from the Private Placement will be used to repay certain credit issued by the Tersan yard, making payment of delivery instalments to Tersan, as well as to cover operational expenses and transactional costs.

Completion of the Private Placement by delivery of New Shares to the investors being allocated the New Shares is subject to (i) completion by Havila Kystruten Operations AS of the contemplated 3-year senior secured first lien bond issue in the amount of EUR 325 million (the "Bond Issue"), (ii) the corporate resolutions of the Company required to implement the Private Placement, including a resolution by an extraordinary general meeting ("EGM") expected to be held on 27 June 2023 to increase the share capital of the Company by the issuance of the New Shares and to authorize the Board to resolve the Subsequent Offering (as hereinafter defined), and (iii) the share capital increase pertaining to the issuance of the allocated New Shares being validly registered with the Norwegian Register of Business Enterprises (the "NRBE") and the New Shares being validly issued and registered in the VPS. Following the EGM, the Managers will pre-pay the total subscription amount in the Private Placement for investors other than Havila Holding AS (being the number of New Shares allocated to these investors, multiplied by the Offer Price) in order to facilitate delivery-vs-payment settlement. The allocated New Shares will not be delivered to, nor will they be tradable by, the relevant applicant before the registration of the share capital increase pertaining to the issuance of the New Shares has taken place in the NRBE.