SOURCE: Havila Shipping ASA

February 28, 2008 03:18 ET

Correction of preliminary results for 2007 and 4.quarter 2007

FOSNAVAG, NORWAY--(Marketwire - February 28, 2008) -

In connection with the change into to a new taxation system for Norwegian shipping companies, our company has presented the taxation liability as a change in equity.

Based on trade practice, other companies choose to show the tax liability as a tax cost in the profit and loss accounts. Havila Shipping ASA has chosen to adapt this practice in our reporting for 2007.

As a consequence of this change, a correction of tax- cost with NOK 82,5m follows. This amount is corresponding with the company's gross liability of entry into the new taxation system. This change is only affecting the year end result after tax, and has no effect on earlier reported equity and debt

Nils Peter Skeide - tel 915 30 965
Njål Saevik - tel 909 35 722

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