Reference is made to the stock exchange announcement of 3 December 2019
regarding the financial situation of the subsidiary Havyard Ship Technology AS
(HST), including agreements that was entered into in order to ensure the
completion and delivery of the vessels that were already and still are being
outfitted at the shipyard.

HST has now reached agreement with shipowners, GIEK, involved banks and
guarantors, which also ensure the completion and delivery of the remaining order
book of 6 vessels (phase 2-projects), of which 5 hulls are currently under
construction at Cemre in Turkey.

The contracts will be transferred from HST to New Havyard Ship Technology AS
(NHST) (a wholly owned subsidiary of HST) and the vessels will be completed by
NHST. Delivery of the latest vessels in this portfolio is scheduled for
mid-2021.

As a result of the agreements entered into for these 6 vessels, Havyard Group
ASA has managed to find satisfactory solutions for all vessels ordered at HST,
and this production program is thus fully financed. For NHST, a positive result
is expected as a result of the execution of these contracts.

The shipyard business in Havyard Group ASA will be continued in NHST, and the
group's further efforts in shipbuilding will be continued by this company.