Havila Kystruten AS operates the four most environmentally friendly ships on the
classic coastal route between Bergen and Kirkenes. The contract with the
Ministry of Transport is for the period until 2030, with an option for the
Ministry of Transport to extend the agreement by one year.

On April 25, 2024, the Ministry of Transport announced that they have initiated
a transport and environmental analysis of the coastal route service. The aim of
the work is to assess the transportation needs that the coastal route service
should meet, its environmental consequences, and the potential for further
tightening of environmental requirements in connection with the next tender
period. The investigation will be carried out by Oslo Economics on behalf of the
Ministry of Transport.

Havila Kystruten views the initiation of work on the next tender period
positively, and well ahead of the expiration of this period in 2030. The company
is optimistic about both the need for the coastal transportation service and the
tightening of environmental requirements to operate on the route.

Havila Kystruten has a high number of local travellers (51%) and an increasing
interest in Norway as a tourist destination contributes to high overall
occupancy on board the ships. Coastal tourism also creates significant positive
ripple effects along the coast, with many local suppliers providing activities
on land in the 34 ports visited by the ships on their round trip.

Furthermore, Havila Kystruten is well positioned to meet stricter environmental
requirements in a new tender round. The company has already reduced CO2
emissions by 35% through the use of plug-in hybrid technology, which combines
propulsion machinery powered by natural gas with support from a large battery
pack. By incorporating biogas, the company can further reduce emissions by up to
90% compared to conventional Marine Diesel Oil (MDO).

Contacts:

Chief Executive Officer Bent Martini, +47 905 99 650

Chief Financial Officer Aleksander Røynesdal, +47 413 18 114