Saga Pure — Capital/Financing Update 2020

Oct 20, 2020

Saga Tankers ASA - Private placement successfully completed

Saga Tankers ASA - Private placement successfully completed

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Oslo, 20 October 2020. Reference is made to the stock exchange release from Saga

Tankers ASA ("SAGA " or the "Company") published on 20 October 2020 regarding a

contemplated private placement (the "Private Placement"). The Company is pleased

to announce that it has raised approximately NOK 70 million in gross proceeds

through the Private Placement of 54,000,000 new shares (the "Offer Shares"), at

a price per share of NOK 1.30 (the "Subscription Price"). Fearnley Securities AS

acted as Lead Manager and Bookrunner (the "Manager") for the Private Placement.

The Private Placement was substantially oversubscribed. The net proceeds from

the Private Placement will be used to strengthen the Company's working capital

and for general corporate purposes.

Notification of allotment of the Offer Shares including settlement instructions

will be sent to the applicants through a notification from the Manager on or

about 21 October 2020.

Settlement for the Private Placement is expected to be on or about 23 October

2020 (DVP, T+2). The delivery of New Shares will be settled with existing and

unencumbered shares in the Company that are already listed on the Oslo Stock

Exchange, pursuant to a share lending agreement between the Manager and the

Company's largest shareholder. Accordingly, the shares delivered to the

investors will be tradable upon delivery.

In order to settle the share loan, the Company's Board of Directors has resolved

to issue 54,000,000 new shares in the Company pursuant to an authorisation

granted by the Company's annual general meeting. Consequently, the share capital

of the Company will be increased with NOK 540,000. Following registration of the

Private Placement and the share capital increase resolved yesterday, 19 October

2020, the Company will have 340,149,831 shares outstanding, each with a par

value of NOK 0.01.

The Board of the Company has resolved that no subsequent offering will be

required since the Subscription Price provides only a modest discount to the

closing price of the Company's shares on 20 October 2020 and a significant

premium to the average trading price of the Company's shares during the last

30, 60 and 90 day periods.

The waiver of the preferential rights inherent in a private placement is

considered necessary in the interest of time and successful completion of the

Private Placement. Taking into consideration the time, costs and expected terms

of alternative methods of the securing the desired funding,  the Board has

concluded that the completion of the Private Placement on the proposed terms at

this time is in the mutual interest of the Company and its shareholders, and

considers that the Private Placement complies with the equal treatment

obligations under the Norwegian Securities Trading Act and the Oslo Stock

Exchange's Circular no. 2/2014.

Advokatfirmaet CLP DA acts as Norwegian legal counsel to the Company in

connection with the Private Placement.

For additional information, please contact:

Espen Lundaas, CEO, +47 924 31 417, e-mail: Espen@ferncliff.no

(mailto:Espen@ferncliff.no)

Martin Nes, Chairman, +47 920 14 814, e-mail: Martin@ferncliff.no

(mailto:Martin@ferncliff.no)

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act