Saga Pure — Earnings Release 2016

May 27, 2016

Saga Tankers ASA : Q1 2016 financial results

Saga Tankers ASA : Q1 2016 financial results

OSE FILING

Saga Tankers ASA: Q1 2016 financial results

(Oslo, 27 May 2016) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset

value (NAV) of NOK  797 million at the end of the first quarter of 2016,

corresponding to NOK 2.85 per share, excluding minority interests and with

Vallhall valued at book value.

By the end of first quarter, Saga had a cash balance of NOK 465 million and no

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

Vallhall.

The negative development of Saga's available for sale portfolio of 127 million

is mainly related to share price reduction in NEL ASA and Axactor AB.

First quarter 2016 highlights:

* Increased cash position by NOK 38 million from fourth quarter 2015

* Saga has reduced it's ownership in Axactor AB

* Saga has disposed the ownership of Weifa ASA and Aqualis ASA

* Purchased 7 million shares in Saga

* Exchange difference currency translations are mainly related to SD Standard

Drilling Plc

Key figures

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NOK 1000 Jan-Mar 2016 Jan-Mar 2015 Jan-Dec 2015

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(unaudited) (unaudited) (unaudited)

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Operating revenues   16 478   8 517   81 510

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Operating proft (-loss)

before depreciation   10 960   7 821   15 204

(EBITDA)

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Operating profit/(-loss)   10 229   7 169   12 565

(EBIT)

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Net profit/(-loss)   10 352   7 651   14 058

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Total comprehensive income   -119 350   15 047   267 197

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Value adjusted equity per   2,85   2,14   3,26

share (NOK)*

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Basic and diluted earnings   0,03   0,04 0,07

per share 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   91 376 10 %

Available-for-sale financial

assets   288 750 33 %

Associates   35 248 4 %

Current assets   467 006 53 %

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Total assets   882 380 100 %

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Available-for-sale financial

assets   Fair value TNOK   No of shares   Ownership

NEL ASA   151 052    51 908 055 7,6 %

Axcator AB   97 003   52 151 999 8,7 %

Vistin Pharma ASA   40 695   1 965 943 11,5 %

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Total   288 750

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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 (7.6% 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 global a 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

Axactor AB (8.7% ownership):

Axactor is addressing a large non-performing loan (NPL) market in Europe. The

market is estimated to around EUR 1.5 trillion and with a solid growth rate. The

main growth factors are partly driven by regulatory changes, sales of non-

performing loans and an accelerating trend of outsourcing debt collection to

specialized companies. Furthermore, Axactor see a consolidation trend in the

debt collection/debt purchase industry. Axactors main focus in the credit

management value chain will be: amicable and legal collection, surveillance and

acquisition of NPLs

As a first step in Axactor's Pan-European growth strategy they acquired the

company ALD Abogados, a leading debt collection agency in Spain. The company has

a diversified customer base and will be the platform for future growth in the

Spanish market.

For more information: www.axactor.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

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.

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.

[HUG#2015977]