olivLaw · European equity research
Havila Shipping ASA HAVI.OL
Norway · Euronext Oslo Børs · ISIN NO0010257728 · Vertical: Listed companies from Norway
Havila Shipping ASA is a Norwegian shipping company operating PSV, RRV and subsea vessels for the offshore oil, gas and renewable energy industries. The company reported revenues of 648 million NOK in 2025, but its ability to continue operating depends on refinancing a 500 million NOK facility due in December 2026 and on a dispute with banks now under appeal.
At the close of 06 Nov 2026, Havila Shipping ASA (HAVI.OL) stock was 0.76 NOK (−9.31% on the day), with market capitalisation 190.5 m NOK, P/E 19.0 on diluted EPS of 0.04 NOK over the last 12 months, beta 0.43, 52-week range 0.76–1.78 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 28.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.68 – 1.15
- in the lower half of the band · %B 0.17 · band width 52.1%
- SMA 50 / 200
- 1.03 / 1.11
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −29.3% | −0.6% | −28.7 pp | — |
| 3 months | −33.3% | −4.2% | −29.2 pp | — |
| 6 months | −37.2% | +4.3% | −41.5 pp | — |
| Year to date | −5.0% | +7.5% | −12.5 pp | — |
| 1 year | −38.0% | +9.9% | −47.9 pp | −5.7% |
| 3 years | −88.5% | +49.8% | −138.3 pp | +15.0% |
| 5 years | −84.4% | +42.8% | −127.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 3.2, median 4.1, max 20.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 112.9 m | 10.4 m | 10.0 m |
| Net income YoY | unavailable | −90.8% | −3.4% |
| Diluted EPS | 1.71 | 0.41 | 0.04 |
| Diluted EPS YoY | unavailable | −76.0% | −90.2% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 218.0 m NOK
- Financial debt
- 1.0 bn NOK
- Net debt
- 786.7 m NOK
- Equity
- 336.6 m NOK
- Total assets
- 1.5 bn NOK
- Debt / equity
- 2.99x
- Current ratio
- 0.28x
- ROE
- 3.0%
- ROA
- 0.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 1.2 bn | 268.1 m | 133.3 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 131.6 m | 146.3 m | 196.8 m | esef· 21 Oct 2026verified |
| EBITDA | 1.4 bn ≈ | 414.3 m ≈ | 330.0 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 36.7 m | 10.2 m | 76.5 m | esef· 21 Oct 2026verified |
| Pre-tax income | 113.1 m | 10.4 m | 10.3 m | esef· 21 Oct 2026verified |
| Income tax | 236.0 k | 55.0 k | 233.0 k | esef· 21 Oct 2026verified |
| Net income | 112.9 m | 10.4 m | 10.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 1.71 | 0.41 | 0.04 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 97.7 m | 147.6 m | 218.0 m | esef· 21 Oct 2026verified |
| Receivables | 180.6 m | 129.3 m | 96.9 m | esef· 21 Oct 2026verified |
| Inventories | 2.1 m | 1.9 m | 3.6 m | esef· 21 Oct 2026verified |
| Current assets | 280.4 m | 278.8 m | 318.5 m | esef· 21 Oct 2026verified |
| Total assets | 1.4 bn | 1.5 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Short-term debt | 1.2 bn | 504.8 m | 1.0 bn | esef· 21 Oct 2026verified |
| Long-term debt | 0 | 499.6 m | 0 | esef· 21 Oct 2026verified |
| Current liabilities | 1.3 bn | 633.6 m | 1.2 bn | esef· 21 Oct 2026verified |
| Total liabilities | 1.4 bn | 1.2 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Equity | 19.5 m | 327.2 m | 336.6 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 23.8 m | 25.3 m | 250.7 m | esef· 21 Oct 2026derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 190.5 m NOK
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.3% | 57 (vs peers) | 20% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.4x | 27 (vs peers) | 20% |
| Interest coverage · Balance sheet | 1.7x | 4 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 19.0x | 55 (vs peers) | 20% |
| EV/EBITDA · Valuation | 3.0x | 86 (vs peers) | 20% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet15/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial57/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation70/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HAVILA SHIPPING ASA (HAVI.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 3.0%; net debt/EBITDA 2.4x.
The estimated value range is 3.94–5.68 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 4.73 NOK, the price of 0.76 NOK leaves a potential of 522.2% (value / price − 1) and a margin of safety of 83.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/EBITDA: 3.0x
- The price is below the estimated value range
What contradicts it
- Net debt / EBITDA: 2.4x
- Interest coverage: 1.7x
- Current ratio: 0.3x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for HAVI.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Havila Shipping ASA is a Norwegian shipping company operating PSV, RRV and subsea vessels for the offshore oil, gas and renewable energy industries. The company reported revenues of 648 million NOK in 2025, but its ability to continue operating depends on refinancing a 500 million NOK facility due in December 2026 and on a dispute with banks now under appeal.
SWOT
Strengths
- Fleet utilisation rose in 2025 and revenues grew compared with the prior year.
- Efficiency and environmental measures, including shore power systems and fuel monitoring, are in place.
- Multi-year contracts with major energy customers support visibility on part of the fleet.
Weaknesses
- High indebtedness and a relatively small equity base compared with assets.
- Dependence on refinancing debt with a near-term maturity.
- Net financial items and loan value adjustments exceeded operating profit.
Opportunities
- Higher offshore activity could allow spot-market vessels to return to longer-term contracts.
- A successful refinancing could ease liquidity pressure and open access to capital.
- Demand for service vessels in renewable energy could bring new contracts.
Threats
- An unfavourable outcome in the dispute with the banks could seriously affect the capital structure.
- Geopolitical tensions could reduce customers' investment in offshore projects.
- Emission regulation could raise fleet operating costs.
Risks
- Refinancing and going concernhigh
The 500 million NOK financing maturing in December 2026 is classified as current debt. The report notes material uncertainty about the ability to continue operations, although the board believes there are robust prospects for refinancing.
- Dispute with bankshigh
Three banks that extended the restructuring agreement claim the refinancing breaches it. The company disputes this, and the appeal hearing is scheduled to start in September 2026.
- Limited liquiditymedium
Unrestricted cash is close to the minimum free liquidity required under loan agreements, leaving little room for shocks.
- Spot market exposuremedium
Some vessels no longer have long-term contracts, which could lead to more volatile earnings.
- Environmental requirementslow
Emission rules could require additional investment in the fleet.
Investment thesis
What would need to be true (bull case)
- If offshore activity keeps growing and the fleet stays well utilised, revenues and operating profitability could continue to improve.
- A successful refinancing of the maturing debt could remove the main going-concern risk.
- Limited new capacity in the market could support better rates for vessels re-contracted.
What would break the thesis
- If refinancing does not succeed before maturity, the company could face serious liquidity difficulties.
- An unfavourable outcome in the appeal against the banks could worsen debt and pressure on equity.
- High financing costs could absorb much of the operating profit.
What to watch
- Refinancing of the Havila Finans facility2026
- Appeal ruling in the bank dispute at Borgarting Court of Appeal2026
- Re-contracting of Havila Clipper and Havila Fanø from the spot market2026
- Trend in fleet utilisation and total revenuesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Havila Shipping ASA is a Norwegian company that owns and operates ships and related activities, serving mainly the offshore industry. According to the 2025 annual report, its core business is ship owning and related activities. Total revenues were 648 million NOK in 2025, compared with 585 million NOK in 2024 1. Operating profit before depreciation and amortisation was 298 million NOK in 2025 1.
Segments
PSV and RRV vessels
This segment covers offshore supply and intervention vessels. Havila Clipper and Havila Fanø, which were under contract with Equinor Energy in 2025, now operate in the spot market, while Havila Fanø has a contract with Heerema Marine Contractors for 120 days firm plus options 1.
Subsea vessels
This segment covers subsea work vessels. Havila Harmony operates in Brazil under a bareboat contract until the end of 2026, and Havila Subsea is under contract with Reach Subsea AS until the end of 2027 1.
Market context
Management expects increased activity among customers in oil and gas and renewable energy, which could support demand for the company's services. Limited inflow of new capacity could lead to higher earnings. The report also notes that the current geopolitical situation adds uncertainty 1. Fleet utilisation in 2025 was 95%, up 2 percentage points from 2024 1.
Trends
- Growing offshore activitytailwind
Customers in oil and gas and renewable energy could increase activity, which would support demand for the company's vessels.
- Limited new capacitytailwind
A lack of significant new capacity could allow better rates and utilisation for the existing fleet.
- Geopolitical uncertaintyheadwind
The current geopolitical situation creates a degree of uncertainty about future demand and contract levels.
- Decarbonisation pressuremixed
Investments in shore power and emission-reduction systems could affect fleet costs and competitiveness.
Competitive position
The 2025 annual report does not explicitly name competitors. The offshore vessel and subsea markets are nonetheless competitive, and short-term or spot contracts could expose the company to pricing pressure.
- Offshore shipping operators
The annual report does not name competitors, so no names or tickers are given in this analysis.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Havila Shipping ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.