Havila narrows loss amid financial restructuring plans

havila_3qNorwegian offshore vessel operator Havila Shipping, currently in talks with its creditors about a financial restructuring plan, posted a smaller loss for the third quarter of 2016, compared to the prior year quarter, while the revenue decreased.

On Monday, Havila escaped bankruptcy after its bondholders supported the proposed restructuring plan meant to help the company endure the severe market downturn and provide it with a financial runway until November 2020.

On Wednesday, November 30 Havila reported a decrease in total operating income amounting to NOK 253.4 million in 3Q 2016, compared to NOK 377.7 million in the prior year quarter.

The company’s net loss amounted to NOK 65.3 million, compared to NOK 72.3 million in the corresponding period on 2015.

The group had 28 vessels in operation as of September 30, 2016. Six vessels are in layup, of this three PSVs, two AHTSs, and one subsea vessel. One vessel is sold in November. The fleet utilization during the quarter was 68 percent.

Earlier this month, the shipping company revealed its decision to lay up two PSVs, one anchor handler and, as a consequence, lay off around 70 employees.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Posted on November 30, 2016 with tags , .

Events>

<< Mar 2020 >>
MTWTFSS
24 25 26 27 28 29 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Navingo Career Event

The Navingo Career Event is Europe’s biggest career event for the maritime…

read more >

Offshore Technology Conference (OTC) 2020 Postponed

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

OWI APAC 2020

Over the two-day conference, 30 expert speakers will share exclusive insight to help drive well work efficiencies through innovative…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply