Saga Pure — Capital/Financing Update 2020

Oct 19, 2020

SAGA - Contemplated secondary placing of SDSD shares

SAGA - Contemplated secondary placing of SDSD shares

Oslo, 19 October 2020. Saga Tankers ASA ("Saga Tankers" or the "Company") has

engaged Fearnley Securities, ("Fearnleys" or the "Manager") for a contemplated

sale of up to 105,846,245 existing shares in S.D. Standard Drilling Plc

("SDSD"), representing around 18.4 percent of the issued share capital and

voting rights in SDSD (the "Transaction").

The Transaction will be structured as an accelerated book-building process

towards the 30 largest shareholders of Saga Tankers, representing 92.3% of the

shareholders in Saga Tankers. The book-building process will commence following

the publication of this announcement and may be closed at short notice at the

sole discretion of the Company and the Manager. An announcement will be made

following completion of the book-building to announce, inter alia, the number of

shares sold and the minimum price per share. The minimum order and allocation

has been set to the NOK equivalent of EUR 100,000. The Company may, however,

allocate amounts below EUR 100,000 to the extent exemptions from the prospectus

requirement in accordance with applicable regulations, including the Norwegian

Securities Trading Act and ancillary regulations, are available.

The Company reserves the right, at its sole discretion, to reduce the number of

offer shares or to sell no shares at all.

Saga Tankers is represented on the Board of Directors in SDSD and currently

holds 105,846,245 shares in SDSD, representing 18.4% of the share capital. If

all shares are sold, Saga Tankers will no longer hold any shares in SDSD.

Important Notice

The distribution of this announcement and the offer and sale of the shares in

certain jurisdictions may be restricted by law. The shares may not be offered to

the public in any jurisdiction in circumstances which would require the

preparation or registration of any prospectus or offering document relating to

the shares in such jurisdiction. No action has been taken by the Manager nor any

of its affiliates that would permit an offering of the shares or possession or

distribution of this announcement or any other offering or publicity material

relating to such securities in any jurisdiction where action for that purpose is

required. Persons into whose possession this announcement comes are required to

inform themselves about and to observe any such restrictions. Any failure to

comply with these restrictions may constitute a violation of the securities laws

of any such jurisdiction.

This press release is for information purposes only and does not constitute or

form a part of an offer to sell or a solicitation of an offer to purchase any

security of SDSD in the United States or in any other jurisdiction where such

offer or solicitation is unlawful. The securities of SDSD described in this

press release have not been and will not be registered under the U.S. Securities

Act of 1933, as amended (the "Securities Act"), or any applicable state or

foreign securities laws and may not be offered or sold in the United States

absent registration or an exemption from the registration requirements of the

Securities Act. There will be no public offering of securities in the United

States.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act