Havila is increasingly building up its long to medium term contract position, reducing the number of ships on the North Sea spot market. This contract in Brazil is in line with Groupe Bourbon’s overall strategy to expand its market share in this deep see offshore market.

EXTENSION OF CHARTERING AGREEMENT IN BRAZIL

Havila Supply ASA (with its wholly owned subsidiary Havila Supply Ships AS) is extending its chartering agreement for Havila Scotia in Brazil.

Havila Scotia a PSV of the type ME 202, built in 1982 has extended its contract with Petrobras in Brazil with two more years until November 2004. This vessel has been operating for Petrobras since the winter 1999.

The value of the contract is about NOK 55 million.

15 July 2002

Questions concerning this matter can be directed to Managing Director Robert Welsvik or Deputy Managing Director Njal Soevik, tel +47 700 80900