Reference is made to the stock exchange announcement dated 21 January 2025. As described in the stock exchange announcement, DNB Bank ASA, Swedbank AB (publ) and Danske Bank A/S NUF claim that the Company has breached the restructuring agreement for the group entered into on 19 June 2020. The three banks finance the vessels Havila Foresight and Havila Harmony.

The Company disputes that there is any breach of the restructuring agreement. It is the Company' postion that the three banks are obliged to convert outstanding amounts under the non-interest-bearing B tranches under the restructuring agreement into shares, as is agreed in the restructuring agreement.

The other creditors in the restructuring agreement share the Company's view and have already converted their B tranches into shares.

On 24 March 2025, the Company filed a lawsuit with Oslo District Court to resolve the dispute with the three banks, cf. also the Company's stock exchange announcement on the same day.

Oslo District Court ruled on the case on 8 December 2025 in the Company's disfavour. The judgment is not final. The Company disagrees with the judgement and announced on the same day that it would appeal. The deadline for appeal is 19 January 2026. The merits of the case is expected to be decided by Borgarting Court of Appeal in 2026 or early 2027.

DNB Bank ASA, Swedbank AB (publ) and Danske Bank A/S NUF have nevertheless today demanded prepayment of their outstanding amounts under the restructuring agreement. The banks have also given notice that they will take legal action to enforce their security and establish execution liens.

The banks' outstanding debt consists of interest-bearing debt of NOK 130.8 million as at 30 September 2025 and non-interest-bearing B-tranche debt with a nominal value of MNOK 595.1 as at 30 September 2025. In addition, interest and default interest of MNOK 7.9 is claimed.

The company maintains that the banks' claims are unfounded. The company will accordingly dispute that there are grounds enforce security and establish execution liens.

The company will demand compensation for any losses it may incur as a result of the banks' unlawful actions and failure to convert the banks' B tranches upon expiry of the restructuring agreement on 31 December 2025.

The banks' notice is not expected to affect the Company's operations or service of the group's bond loan HAVFI01 PRO.

Contacts:

Chief Executive Officer Njål Sævik, +47 909 35 722
Chief Financial Officer Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act