Havila Shipping’s adjustments to its debt pulled its bottom line into the red for the final stanza of 2023.
The Oslo-listed offshore vessel owner recorded a loss of NOK 29m ($2.8m) for the fourth quarter, as it adjusted the value of its debt by NOK 479m.
The move weighed on the company’s financial performance, after recording NOK 72.9m in income before depreciation.
Its operating result shot up to NOK 449m, as the company reversed NOK 400m in impairment charges taken when the offshore sector was down, a change erased by the debt adjustment.
Despite the adjustments, the loss was still narrower than what Havila reported in the fourth quarter of 2022, when it lost NOK 80.5m.
It made modifications to its depreciation and debt in that quarter as well, but its operating income totaled just NOK 50.4m.
The company also delivered three ships — anchor handling tug supply (AHTS) vessels 23,066-bhp Havila Jupiter (built 2010) and Havila Venus (built 2009), and the 5,500-dwt platform supply vessel Havila Commander (built 2010) — to their new owners, DOF Group, during the quarter.
Havila was forced to sell the vessels by lenders in order to repay debts incurred during its 2020 restructuring.
Following the sales, the company operates 14 vessels, including 10 platform supply vessels, four of which are chartered in and one which is half-owned, plus three subsea vessels, one of which is chartered in and another of which is chartered out on a bareboat deal.
The final vessel is a rescue and recovery vessel on bareboat charter.
