Saga Pure — Earnings Release 2016

Aug 30, 2016

Saga Tankers ASA : Q2 2016 financial results

Saga Tankers ASA : Q2 2016 financial results

OSE FILING

Saga Tankers ASA: Q2 2016 financial results

(Oslo, 30 August 2016) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset

value (NAV) of NOK  788 million at the end of the second quarter of 2016,

corresponding to NOK 2.82 per share, excluding minority interests and with

Vallhall valued at book value.

By the end of second quarter, Saga had a cash balance of NOK 560 million and no

long term debt, except the real estate financing related to the holding in

Vallhall.

The reduction in available for sale reserves of 115 million, classified as other

comprehensive income, is mainly related to disposal of shares in NEL ASA and

Axactor AB as well as share price reduction in NEL ASA. Of NOK 115 million NOK

104.4 million was reclassified to profit and loss due to realization of

investments.

Second quarter 2016 highlights:

* Increased cash position by NOK 95 million from first quarter 2016

* Saga has disposed its ownership in Axactor AB

* Saga has invested in Pareto Bank ASA

* Saga has reduced its ownership in NEL ASA

Key figures

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NOK 1000 Apr-Jun 2016 Apr-Jun 2015 Jan-Jun 2016 Jan-Jun 2015

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(unaudited) (unaudited) (unaudited) (unaudited)

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Operating revenues   110 901   71 849   127 379   81 510

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Operating proft (-

loss) before   105 983   34 861   116 943   15 204

depreciation

(EBITDA)

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Operating profit/(-   105 253   34 201   115 483   12 565

loss) (EBIT)

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Net profit/(-loss)   105 744   34 435   116 096   14 058

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Total comprehensive   -9 179   84 218   -128 529   267 197

income

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Value adjusted

equity per share   2,82   2,65   2,82   2,65

(NOK)*

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Basic and diluted

earnings per share   0,38   0,13   0,41 0,07

NOK

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* Value adjusted equity has been calculated through application of  market

value for assets and liabilities traded in quoted markets, and book value for

other assets and liabilities.

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TNOK Share of total

Fixed assets   90 646 10 %

Available-for-sale financial assets   184 759 21 %

Associates   35 391 4 %

Current assets   560 843 64 %

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Total assets   871 640 100 %

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Available-for-sale financial assets Fair value TNOK No of shares Ownership

NEL ASA   53 889   25 905 055 3,8 %

Pareto Bank ASA   88 013   3 055 990 5,9 %

Vistin Pharma ASA   42 858   1 965 943 11,5 %

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Total   184 759

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Financial assets are adjusted to market value according to IFRS. SD Standard

Drilling Plc is  (46.2% ownership) an associate and recognized according to the

equity method. Vallhall Arena is a subsidiary.

For further information, please contact:

CEO Espen Lundaas

+47 92 43 14 17

By end of first quarter the largest investments in Saga Tankers ASA were:

Nel ASA (3.8% ownership):

NEL ASA is the first dedicated hydrogen company on the Oslo Stock Exchange.

Since its foundation in 1927, NEL Hydrogen has a proud history of development

and continual improvement of hydrogen plants. NEL is a global supplier of

hydrogen solutions, covering the entire value chain from hydrogen production

technologies to hydrogen refuelling stations for fuel cell electric vehicles. H2

Logic A/S is a leading manufacturer of H2Station® hydrogen refuelling stations

that provides fuel cell electric vehicles with the same fast fuelling and long

range as conventional vehicles today. For further information: www.nel-asa.com

Vistin Pharma ASA (11.5% ownership):

Vistin Pharma is a Norwegian pharmaceutical company producing Active

Pharmaceutical Ingredients (APIs) and solid dosage forms for the global

pharmaceutical industry. The company has key positions in the Metformin and

Opioids markets, and a strong foundation for creating a highly efficient CMO

business (contract manufacturing of tablets).  Solid growth potentials exist in

all the business segments. The spin-off from Weifa facilitates new growth

opportunities due to a narrower business scope, increased visibility and being

able to pursue own strategic agendas without the risk of compromises across

business units.

For further information www.vistin.com

Pareto Bank ASA ( 5.9% ownership)

Pareto Bank is a leading niche player within project financing. The bank has

main focus on financing of real estate, securities and corporate, shipping and

offshore. Pareto Bank is a compact organization with 33 employees, short

decision lines, and an efficient credit decision process. The main geographical

real estate exposure is in Oslo and Akershus. Financing of securities is mainly

related to listed stocks. Pareto Bank also finance small and medium size

corporate, primarily related to a project or M&A. Further Pareto Bank finance

some segments within the shipping and offshore industry.

For further information www.paretobank.no

Vallhall (55% ownership):

Vallhall Arena is Oslo's largest indoor arena, centrally located at Helsfyr in

Oslo with good public transportation connections. Several hotels are also

located close to the arena. The arena was built in 2001. The cost was

approximately NOK 130 million whereof NOK 80 million was funded by debt and NOK

55 million was funded by equity from owners. The arena has about 9 000 square

meter expanse. The arena is well-known for its high quality indoor soccer hall

and is used by school children, as well as professionals. The arena is also

leased out for events such as exhibitors, seminars, concerts and other events

requiring facilities that Vallhall Arena can offer.

For more information: www.vallhall.no

SD Standard Drilling Plc (46.2% ownership):

Having sold all initial rig contracts, the strategy of the company has changed

to being an investment company within the oil and gas service sector. Main

assets are currently cash holdings and investment in a project owning three PSV

vessels.

For more information: www.standard-drilling.com

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.