Havila Kystruten AS: Judgment from hearing in High Court in Ireland

18 Jan 2023 16:23 CET

Havila Kystruten has been successful in the application before the Irish High
Court in Dublin in seeking an order of recognition and enforcement of a judgment
obtained in the High Court of England and Wales in December 2022.

The English judgment granted in London relates to the rights and securities that
subsidiaries of leasing company GTLK have for the two ships Havila Polaris and
Havila Pollux, which are being completed at the Tersan shipyard in Turkey.

The court order in Ireland is necessary as the settlement of the GTLK debt shall
be made to frozen accounts in Ireland and within the European Union, in
accordance with relevant sanction regulations against GTLK.

The Company's legal advisor, the law firm William Fry LLP, will on behalf of the
company, send an application to the Central Bank of Ireland for necessary
licenses before settlement of the debt, and the lenders fulfilment of their
adjudged obligation to release all collaterals established in connection with
financing of the ships.

The License is expected also to have effect for Havila Castor where the debt
must be settled at the same time as settlement for Havila Polaris and Havila
Pollux.

The legal steps for Havila Capella will be handled in a separate hearing
expected to take place in London by end of February.

The company continues the preparation with new lenders for refinancing the ships
to be able to take delivery of Havila Polaris, which is ready for delivery from
Tersan yard in Turkey, and later Havila Pollux.

Settlement of debt to GTLK will take place by payment to frozen accounts as soon
as all licenses have been received and the refinancing has been completed.

Contacts:
CEO Bent Martini, +47 905 99 650
CFO Arne Johan Dale, +47 909 87 706

More information:
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