Saga Pure — Earnings Release 2015

Feb 19, 2016

Saga Tankers ASA : Q4 2015 financial results

Saga Tankers ASA : Q4 2015 financial results

OSE FILING

Saga Tankers ASA: Q4 2015 financial results

(Oslo, 19 February 2016) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net

asset value (NAV) of NOK 935 million at the end of the fourth quarter of 2015,

corresponding to NOK 3.26 per share, excluding minority interests and with

Vallhall valued at book value.

During the year, Saga's available for sale portfolio and short term trading had

a return of 100%. NAV per share increased approximately 58% in 2015. In the same

period Oslo Børs Benchmark Index (OSEBX) gained approximately 6%.

By the end of fourth quarter, Saga had a cash balance of NOK 427 million and no

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

Vallhall. The reduction of cash from third quarter relates to SD Standard

Driling Plc not being a subsidiary in fourth quarter.

"Saga has a solid investment portfolio and a strong balance sheet, enabling the

company to continue to pursue attractive investment opportunities within the

framework of industries it operates. The company expects the current market

volatility to continue going forward, providing opportunities to create value

through investments in assets, equity or debt", says Espen Lundaas, Chief

Executive Officer of Saga.

Fourth quarter 2015 highlights:

* The development of Saga's available for sale portfolio has resulted in other

comprehensive income of NOK 222.6 million. This represents 73% return on

investments (available for sale portfolio and short term trading) in fourth

quarter and approximately 100% return on investments year to date. This is

mainly due to a share price increase in NEL ASA and Axactor AB during the

quarter

* Received dividend distribution of NOK 244 million from SD Standard Drilling

Plc, equal to USD 0.16 per share. Saga reduced it's  ownership in SD

Standard Drilling Plc from 68.4% to 46.2%. SD Standard Drilling Plc is

recognized as an associate from fourth quarter and going forward

* Invested NOK 40 million in the private placement in Axactor AB

* Saga reduced it's ownership in both Aqualis ASA and Weifa ASA during the

quarter

* Other financial items and exchange difference currency translations are

mainly related to SD Standard Drilling Plc

Key figures

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NOK 1000 Oct-Dec 2015 Oct-Dec 2014 Jan-Dec 2015 Jan-Dec 2014

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

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Operating revenues   6 342    4 396   81 510   8 079

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Operating proft (-loss)

before depreciation

(EBITDA)   -16 451   2 498   15 204   1 572

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Operating profit/(-loss)

(EBIT)   -17 125   1 782   12 565   225

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Net profit/(-loss)   -16 595   2 341   14 143   830

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Total comprehensive income   189 581   2 341    267 281   -38 649

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Value adjusted equity per

share (NOK)   3,26   2,06   3,26   2,06

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Basic and diluted earnings

per share NOK   -0,06   0,01   0,07 0,00

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TNOK Share of total

Fixed assets   92 107 9,03 %

Available-for-sale financial assets    461 908 45,27 %

Associates   38 143 3,74 %

Current assets   428 140 41,96 %

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Total assets   1 020 298 100,00 %

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

NEL ASA   249 159   51 908 055 7,6 %

Axcator AB   134 304   67 151 999 11,3 %

Vistin Pharma ASA   42 071   1 965 943 11,5 %

Weifa ASA   23 586   25 091 825 2,8 %

Aqualis ASA   12 788   3 304 283 7,6 %

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Total   461 908

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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 fourth 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 (11.3% 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

Weifa ASA (2.8% ownership):

Weifa is Norway's leading consumer health company. The company supply real value

through medicines, lifestyle products and solutions that address the essential

needs of

consumers, customers and professional partners. Weifa was founded in 1940 and

now employs about 30 highly qualified people at the headquarters in Oslo. The

company has a strong position in Norway and is the market leader in pain relief,

with well-established brands such as Paracet and Ibux. Weifa are also present in

other key areas such as dietary supplements and treatment for colds and

respiratory problems. Weifa is listed on the Oslo Børs (ticker WEIFA).

For further information: www.weifa.no

Aqualis ASA (7.6% ownership):

Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries,

offers energy consultancy services to the global oil and gas, wind and solar

sectors. The group employs experienced consultants in 22 offices in 15 countries

worldwide. Aqualis ASA operates under three different brands: Aqualis Offshore,

Offshore Wind Consultants and ADLER Solar. Aqualis Offshore is a specialized

offshore marine and engineering consultancy firm, focusing on the shallow and

deep-water offshore segments of the oil and gas industry. Offshore Wind

Consultants is a globally focused consultancy providing independent services to

the offshore renewables industry. ADLER Solar is a technical and engineering

service provider for the global solar industry. Aqualis owns 49.9 percent of

ADLER Solar.

further information: www.aqualis.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.

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#1987405]